Tamsin Booth
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- The Economist9 min
Could Brexit end London's financial dominance?
Post-Brexit analysis reveals that the UK financial sector faces severe economic penalties, including the loss of access to the European Court of Justice and the relocation of over 300 firms that collectively moved up to £1 trillion in assets to EU hubs like Frankfurt, Dublin, and Amsterdam. While these cities benefit from the fragmentation of London's centralized dominance, experts warn that the Eurozone's resulting financial inefficiencies and increased funding costs may ultimately outweigh the gains from capturing market share. Consequently, British regulators remain hesitant to align with EU rules for market access, fearing that such compliance would further erode London's status as a global financial center while offering the region little net improvement in stability.