Brexit Deal Gives Absolutely Nothing to the City of London
Equivalence won’t stop the need for big finance firms to set up shop across the channel. Nor will it satisfy the “Singapore-on-Thames” crowd.
Some suggest May's Brexit deal is good for the City of London. Nonsense.
Photographer: Luke MacGregor/Bloomberg
Whichever way you slice it, the draft Brexit deal unveiled by British Prime Minister Theresa May is no big win for financial services, despite being lauded as such in some quarters.
If she gets it past Parliament, still a huge if, the accompanying transition period — which may well be extended — will give banks and other finance firms more time to shift jobs and assets to the continent. If not, we’re looking again at a no-deal Brexit that’s viewed universally as a probable catastrophe. It could have been worse, but not many bankers will be celebrating today.