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Opinion
Lionel Laurent

Brexit's Financial Turf War Enters A New Phase

Don't count on the delay to Britain’s departure making life any easier for the City of London as it prepares for a new regulatory reality.

Despite the Brexit delay, positions are hardening between the City of London and the EU.

Despite the Brexit delay, positions are hardening between the City of London and the EU.

Photographer: Simon Dawson/Bloomberg

Rarely have policymakers seemed so keen to snap the links that connect global markets, even at the risk of economic self-harm.

Theresa May’s dogged pursuit of a Brexit that takes Britain out of the European Union’s single market and customs union is an obvious own goal, considering the City of London’s global position. The U.K.’s intransigence has already sent an estimated 800 billion pounds ($1 trillion) of bank assets and 5,000 jobs across the English Channel and Irish Sea.