The City of London Starts to Crack Over Brexit
The U.K. finance industry is becoming divided on Brexit. That is far from ideal as Britain moves into the crucial stage of EU trade talks.
Different goals.
Photographer: shomos uddin/Moment RFBoris Johnson’s triumphant U.K. election victory makes Brexit a near certainty next month. For the City of London, Britain’s split from its biggest trading partner is a huge leap into the unknown; one that will test its cohesion like never before.
Banks, insurers and asset managers have spent billions preparing for their departure from the European Union and have moved as much as 1 trillion pounds ($1.3 trillion) in assets overseas since the Brexit referendum in 2016. The threat of a disorderly departure from the bloc encouraged the U.K. finance industry to speak largely with one voice to try to avoid — or at least prepare for — that cataclysmic outcome.