, Columnist
The City of London's New Big Bang
Europe’s dependence on British finance is no longer a given.
Losing its edge.
Photographer: NIKLAS HALLE'N/AFPThis article is for subscribers only.
The City of London, for years the world’s dominant financial center, is facing its biggest reset since the Big Bang of 1986. Those reforms liberalized market trading, making the U.K. a magnet for banking activity from around the globe. This time the reverse is happening: The rules that shape Britain’s new relationship with the European Union mean finance business is leaving the City at an unprecedented clip.
While the lasting effects of Brexit on London probably won’t be known for years, the first business day after Britain’s Jan. 1 departure from the single market was a significant turning point — and not just symbolically.