The causes of the government’s neglect of the financial-services sector—which probably include a general hostility to bankers, fury at the generous application of taxpayers’ money to the industry after the financial crisis and a belief among politicians that the City can look after itself—are obscure, but the consequences are clear. Between the Brexit referendum in June 2016 and the end of the transition period at the 2020, around 7,500 jobs—5% of financial-services employment—and over £1.
There are some small upsides to Brexit. New immigration rules that make it harder for firms to recruit low-paid Europeans also make it easier for them to hire highly- paid people from anywhere in the world. Brexit has prompted fresh thoughts about regulation. A review of the British listing regime, for instance, which Lord Hill, a former European Commissioner, is doing, may make London a more attractive destination for Asian firms seeking to raise capital.
Big firms in the City are keener on equivalence than divergence. Europe, the source of a third of the financial-services industry’s export business, is important to them, and European rules, which Britain helped to shape, have served them well. For global firms, a common regulatory system between Britain and theCompared with global City firms, those headquartered in Britain are less set on equivalence.
Unlike banks, which do a lot of business in Europe, hedge funds raise most of their capital in Asia and the Middle East. They are lightly regulated, and plan to stay that way. “The only times thehas affected my business is when they have tried to destroy it,” says a hedge-fund manager.
Britain can become Singapore or Switzerland on steroids if they do it right. Also no reason why London can’t replace its offshore colonies (Bermuda and Cayman in particular ) as a tax efficient financial haven but with more robust regulations.
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The EU moving slowly on purpose - surely not!