To protect the United Kingdom’s economy, British lawmakers need to cut red tapes, loosen up the regulatory burden further, and do everything they can to safeguard the services industry, which is the major source of employment in the UK and accounts for more than 75 percent of the GDP.

However, there is a myth that safeguarding the financial services will safeguard the United Kingdom.

As we say, it’s a myth. It may be vital for London but not for the whole of the United Kingdom. London is the world’s top most financial hub and of course the lawmakers need to protect it but they need to do a lot more. It may surprise you but financial and insurance services account for just 9.1 percent in terms of value addition in the services sector. Even if we include professional and support the share of contribution would be no more than 25 percent.

So, policymakers need to protect more than financial services, they will have to limit damages to Transports, hotels and restaurant services sector which contributes 23.1 percent, followed by government, health and education (22.9 percent), Real Estate Services (16.3 percent), and information and communications services (8.2 percent).

Among these, at the moment, most vulnerable are Real Estate Services and Hotel and Restaurant services as these industries can take severe hits from a drop in sentiment, well before any actual slowdown takes place.