Brexit can mean London loses even if the EU doesn’t gain
The perverse outcome of Brexit may be that some London activity, such as derivatives trading, is in future routed through Chicago or New York, thanks to the EU’s equivalence deal with the US.
When he addressed 250 business leaders on a rah-rah Zoom call last week, Prime Minister Boris Johnson did his best to make up for past missteps. In a relentlessly upbeat 45 minutes, he went out of his way to convince those present that business sectors feeling neglected in the Brexit negotiations – particularly financial services – would be a future priority.
Finance was an industry of strategic importance for the UK, he told them, and he was determined to champion it.
