City of London Hit Harder Than Rest of Economy Since Brexit Vote
- Financial services growth has been lower than wider economy
- The sector has historically been a strong point for the UK
The City of London was rocked by the twin blows of the global financial crisis and then Brexit, fueling concern at the time that other cities in Europe would tempt business away from the UK.
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
The City of London, once considered the crown jewel of Britain’s dominant services sector, has performed even worse than the rest of the economy in the years following the Brexit referendum.
Financial and insurance output has grown just 2.8% since the decision to leave the European Union in June 2016, Bloomberg analysis of official data shows. That is much slower than the 10% increase in overall gross value added, which itself reflects only anemic growth for the wider economy across nearly a decade.