Brexit Is Nipping at London’s Role as a Financial Powerhouse
By Eshe Nelson and Jack Ewing
November 27, 2020, The New York Times
For Britain, its exit from the European Union is supposed to be the start of a new era as a “Global Britain,” an open, inviting and far-reaching country. For the European Union, Brexit is an opportunity to repatriate some business from across the English Channel and further bolster the continent’s economic standing in the world.
And for the City of London, a large hub for international banks, asset managers, insurance firms and hedge funds, Brexit is a political headache. Britain’s financial center has been caught in the middle of these two agendas, leaving the future of the City’s relationship with the rest of Europe fractured and uncertain.
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