Tuesday 15 November 2022

Brexit now starting to hit the money men

We will not hear much in the winter financial statement about France avoiding recession nor the news that the Paris stock exchange is now more valuable than the LSE for the first time. 

One of the selling points of Brexit was that it would stimulate financial services in London to the extent that they would more than make up for the collapse of businesses dependent on the EU's common market. Now it seems that corporations find Paris a better place to raise capital than London. The UK will be even more dependent on laundering money of dubious provenance. One wonders how long the international financial establishment will tolerate this.

Brexit has hit small business and the little people hard. Now that it is touching on the prosperity of the City, how long will its leaders continue to support the Johnson project, kept on life-support by succeeding Tory prime ministers?

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