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London's 'City' is banking on wide appeal post Brexit
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London's 'City' is banking on wide appeal post Brexit
London's powerful 'City' financial sector, facing reduced access to mainland European markets following Brexit, is banking on its global appeal to forge new ties and remain an international force. With Britain exiting the EU on Friday, the City will eventually lose 'passporting' rights that has allowed the driver of Britain's dominant services sector to operate freely across the bloc. The long-standing bilateral arrangement, which has convinced especially large US and Japanese lenders to set up massive operations in London, formally ends with the conclusion of a Brexit transition period due December 31.
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