UK to lose £1tn of financial assets to Europe due to Brexit

https://www.ft.com/content/016171be-4a74-11e9-8b7f-d49067e0f50d … via @financialtimes

What Brexit is doing at the very least is fostering competition in other EU capitals. It is not just a question of losing £1tn of assets or 7000 high level jobs. That little loss for the City is a huge gain for smaller centres. All of the arguments about financial services staying in the City because of its “financial ecosystem” are being drained away – not just by the uncertainty as Lord Digby Jones insists – by the actual act of self-destruction which is Brexit. As an example, Spanish restaurant/hospitality workers will quite happily go to Amsterdam, Dublin, Frankfurt or Paris where they will earn more and be treated with greater respect. The argument that they wanted to learn English evaporates because they will specifically be hired because of their language skills including ability to speak English.

Author: Danny Barrs

Proud to be European, Prison Poet, Humanist, Moderate Vegan, Republican in the UK sense. Music Lover: Schoenberg, Mahler, Boulez, Shostakovich amongst many others Fair weather cyclist, speed walker, amateur mathematician

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