Editorial Board

The EU Should Let the City Thrive

Despite Brexit, there's room for a deal on financial services.

January 16, 2018 at 7:30 AM UTC

By The Editorial Board

The Editorial Board publishes the views of the editors across a range of national and global affairs.

Europe has a stake in its future.
Photographer: Dan Kitwood/Getty Images

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Last week, the U.K. government asked German business leaders for help in securing a good deal with the European Union on financial services. The request deserves to be taken seriously. Europe's businesses have much to gain from keeping London as a thriving financial center.

The City is by far the most significant financial hub in Europe. In 2016, the U.K. accounted for more than three-quarters of the EU's foreign-exchange turnover, 85 percent of its hedge-fund assets and nearly a third of its equity-market capitalization, according to a recent report by the European Parliament.