‘City would pay heavy price if Britain exits EU’

It is becoming increasingly likely that the UK will have a referendum on whether to stay in the EU.

It’s not just that David Cameron, the prime minister, has promised to hold such a vote by 2017, assuming he is re-elected. The drumbeats from the opposition Labour Party that it too would hold a plebiscite are becoming louder. Opinion polls show that Britons would currently vote to quit.

Of the many industries that would be hurt by such a “Brexit”, the City of London is the most prominent. The damage would range from moderate to severe, depending on the extent of the amputation.