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Christine Lagarde

IMF warns EU exit risks London's status as financial hub

London's status as a global financial center could be eroded should Britain vote to leave the European Union in a June 23 referendum, the International Monetary Fund warned Friday.

The global body that promotes financial stability said the city's powerful financial services sector would lose clout because of the loss of so-called "passporting" rights. These rights allow professionals to work in any EU country, without seeking separate licenses in each of the bloc's 28 nations.

Such rights are critical for Britain, because so much of its economy is based on services, particularly in financial fields like accounting, banking and tax consultancy.

IMF Managing...

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