An interesting perspective from a group of economists here that see Brexit as a golden opportunity for UK Financial Services.
The jury is still out for me on this.
Regardless of how any of us in the UK voted, the over-riding issue we need to concern ourselves with currently is how well the negotiations are handled. I have made the argument before that we are currently involved in the most significant political negotiation many of us will experience in our lifetime. Every industry will be impacted. Let's hope Mr Davis is the man for the job...
The banking, asset management and insurance sectors contribute eight per cent to the UK’s Gross Value Added and 75 per cent of the UK’s trade surplus in services. The UK has the world’s fourth largest banking sector – with 17 per cent of all international bank lending, more than any other centre – the third largest insurance sector, and is second for assets under management at £6.2 trillion. The UK’s financial services industry is of great importance to the EU, with around 40 per cent of UK net financial services exports going to the EU: 60 per cent of the EU’s capital markets business is conducted through London, and UK banks are the biggest source of cross-border lending to EU banks and corporates with more than £1.1 trillion of loans outstanding.