London Not Calling

London's future as a financial centre is increasingly in jeopardy as financial firms start developing their respective exit plans. The cause of this is over the potential loss of passporting for financial firms. Passporting is the ability under EU rules for any financial firm to serve the whole region from a single base, cutting costs and red tape. Immediately after the BREXIT vote most of London banks began the process of drawing up plans, employing accountancy and law firms to make advance preparations so that should negotiations go awry with Europe a simple press of a button would spring plans into action.

Paris and Frankfurt have long eyed London's crown as Europe's financial centre and with the UK deciding upon a hard BREXIT path there is little sympathy and a lot of hostility.

According to the boss of the British Bankers' Association (BBA) 'Their hands are quivering over the relocate button'.

So far Theresa May's government has done little to inspire confidence seeming to be both overconfident (in the face of an utterly intransigent Europe) and incompetent.