LEAVING the European Union would be a leap in the dark, Economic Secretary to the Treasury Harriett Baldwin told insurance workers in Swindon yesterday.

She warned the economic effect of Brexit would be felt not just in London, but in other places like Swindon where 13,000 people were employed in the financial services sector.

Access to the European single market helped the UK sector to export over £22 billion of financial services to the EU in 2014, representing 33 per cent of the UK’s total financial, insurance and pensions services exports.

And because of the UK’s membership of the union it was more attractive to foreign financial firms looking for a European base.

“It gives us added attraction for international investors,” she said. “Half of the world’s largest financial services firms have chosen the UK as the European headquarters.”

It had also brought in £280 billion-worth of investment.

The minister was visiting Zurich’s UK Life headquarters. The firm has 55,000 employees, including 7,000 in the UK – 1,000 of them in Swindon. Its customers are in more than 170 countries.

“The financial services industry in the South West continues to grow. There are 91,000 people employed in financial services and a further 78,000 working in associated professional services,” she said.

"A vote to stay will protect these jobs and promote further economic growth across the whole of South West,” she said.

But voting to leave would be an act of economic self-destruction, she saidm adding that if the UK wanted to continue to do business with EU zone countries it would still have to abide by the same rules and regulations with no chance of influencing change.

Treasury analysis showed 285,000 UK jobs were linked to financial services exports to the EU - 100,000 directly linked to these exports, and a further 185,000 linked to the indirect demand generated in the wider economy as a result of the exports.

It showed that if the country voted to leave the economy would go into recession and unemployment could rise by 45,000 in the region.

However Swindon North MP Justin Tomlinson said: "The UK is a global power and financial services is a key part of why we are the fifth largest economy. But it is vital ahead of the referendum that the remain campaign should focus on the opportunities and a positive case, not simply peddling doomsday scenarios."

Both sides of the debate needed to provide genuine answers, because countless residents had highlighted to him that they despaired at some of the increasingly daft claims being made.

The referendum is on June 23. The deadline for postal applications is June 8 and people can register online at gov.uk/register-to-vote