A decade after the Brexit vote, the finance industry at the heart of London is doing ... well, fine actually.
When Britain opted to quit the European Union, there were fears that the City of London would lose its premier role in global banking. In fact, it is hard to identify any clear losses for the sector caused directly by tearing up the agreements that helped ensure London was the continent¡¯s financial hub.
There has been no wholesale decamping of traders and dealmakers to Frankfurt, Milan or Paris. Instead, the past 10 years have seen the biggest U.S. banks become ever more dominant in global finance, but that¡¯s down to more than Brexit. And even so, New York hasn¡¯t been a clear winner at London¡¯s expense either. For the U.K. and the rest of Europe, the truth is that their political divorce is just one among many barriers in the region that have stopped local banks and capital markets gaining the scale and power to be globally relevant.
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