Hard-Brexit Fears Begin to Rattle the “City of London”

The crashing pound as the “de facto opposition” to the government

Out of all the mist surrounding the UK’s future trading relationship with its biggest trading partner, the European Union, one thing is gradually becoming clear: as things currently stand — and they could shift — if Brexit is to genuinely mean Brexit, as British premier Theresa May insists, it can only mean one thing: a hard, clean Brexit.

Under the most likely alternative, a soft Brexit, the UK would essentially continue to face almost all the restrictions, impositions, costs, burdens and other disadvantages of being in the EU while wielding even less influence — as in no influence at all — over how arrangements might change in the future. As such, the only option that offers the UK any hope of self-rule in the foreseeable future, which was ultimately what the referendum vote was all about, is that of a hard or clean Brexit.

And that could be very bad news for the world’s financial capital, the City of London

Continue reading the article at WOLF STREET

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