Jul 04

British financial sector thrives after Brexit

Government trusters everywhere denounced the vote by Brits to leave the European Union two years ago.

Almost every pro-government economist, financial columnist and figurehead predicted financial calamity would fall upon the people of Britain for daring to be independent.

But a review by Max Colchester and Patricia Kowsmann in the Wall Street Journal finds that Britain remains the financial crown of all Europe.

“Brexit was meant to be a crippling blow to London’s position as the financial capital of Europe.” But two years later, London “remains mostly undiminished, and no single other European city is close to claiming its crown.”

“The amount of international lending channeled through U.K.-based banks INCREASED between the [Brexit] vote and the end of 2017.” See here.