Quote:
Originally Posted by P'tit Renard
Another is that London's global financial centre status was never going to be severely impacted by Brexit, given that there's no English speaking metropolis on the continent that would prove to be a serious threat to London. If anything the City can now benefit from more deregulation and less oversight from Brussels, and the City can continue to enjoy its outsized role in the UK economy.
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The London financial center has suffered more from Brexit than the rest of the British economy. Although they are loath to admit it, and although of course there was no collapse, the City of London has suffered. The European Banking Authority was relocated from London to Paris, they also lost thousands of financial jobs (most of which relocated, not to Amsterdam, Frankfurt, or Dublin, as was commonly thought before Brexit, but to... Paris!). They also lost some stock valuation (this went more to Amsterdam than to Paris). They also cannot deregulate, because that would cut their last remaining access to the European market.
And it's only the beginning, because the EU so far hasn't totally enforced the mandatory relocations that it could have enforced (such as clearing services in particular, which I hope we will finally do, i.e. make it mandatory to clear euro trades in the UE, which will mean Paris essentially, and not in London anymore).
It's not a collapse, but a slow trickle, so nothing dramatic that could make headlines, but the lobbying association of the Paris financial center published some figures earlier this year showing that 4 years after Brexit Paris has benefited much much more from Brexit in terms of financial service relocations than was expected (it's in the thousands of high-value jobs relocated to Paris now, in particular by US banks, not just a few hundreds anymore).
If we didn't have the big far-left that we have in France, we could push the Paris financial center much much more. There's never been a better time than now, since we have the legal upper hand with Brexit, and the Brits are not there anymore to block us at the European Council.