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Report: Bad Brexit deal equally damaging to EU economies

A "badly designed" final Brexit deal would not only damage the economy of the U.K. but also those of the remaining EU member states, The Guardian reported Feb. 1, citing a leaked report from the European Parliament's committee on economic and monetary affairs.

The leaked report, which noted that U.K. financial services constitute 40% of Europe's AUM and 60% of its capital markets business, warned that the European Commission's Brexit negotiators should reach a "workable" deal with the U.K. government to protect the City of London.

The report, dated Dec. 13, 2016, further noted that U.K.-based banks provide more than £1.1 trillion of loans to other member states. "The exclusion of the main European financial center from the internal market could have consequences in terms of jobs and growth in the EU," according to the report.

The U.K. prepares to trigger Article 50 negotiations March 9.