The City lobbied hard for the government to prioritize the existing passporting agreements, under which banks operating in London were de facto recognized as operating inside the eurozone.73 If no such deal was forthcoming, research commissioned by the City threatened that the collapse in business with the euro area might result in losses as large as £32 billion to £38 billion in revenues, 65,000 to 75,000 jobs and perhaps as much as £10 billion in tax receipts per annum.74 These, of course, were precisely the kinds of estimates mobilized by the Remain campaign, to little effect. What
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