BREXIT could one day give the European Union (EU) an opportunity to challenge the City of London’s dominance as a global financial hub.
Right now, however, the EU is in no condition to take advantage. As talks on Britain’s future relationship with the union come down to the wire – yet again – London’s role as the bloc’s primary purveyor of financial services is under scrutiny.
By the end of this year, the EU must decide whether to grant UK-domiciled firms unfettered access to its market or to set up barriers that would require them to move operations to the continent.