, Columnist
Move Your Bankers to Paris or Frankfurt ... Or Else
The quest by some in Brussels to weaken the post-Brexit City of London and beef up the euro zone’s finance industry might be self-defeating.
A Brussels shakedown.
Photographer: Dan Kitwood/Getty Images EuropeThis article is for subscribers only.
“Allocate capital to the European Union – or else.”
That’s how you might sum up the bloc’s Brexit strategy on the finance industry, with promises of market access being used as leverage to get U.K.-based firms to move jobs and investment out of London and onto the continent. While this attempted shakedown shows how much the Brits have to lose from Brexit, there’s a risk too of self-harm for the EU.