Much gnashing of teeth (along with Goldman CEO Tweets) about the cost to The City of Brexit. A quick snapshot shows Commercial Real Estate Values down; travel to and from the City down; new vacancies down; bar and pubs openings up - drowning our sorrows?
The financial services sector, which accounts for about 12 percent of Britain’s economic output and pays more tax than any other industry, potentially has a lot to lose from the end of unfettered access to the EU’s post-Brexit market of 440 million people. Known for centuries as “the City”, London’s financial centre has expanded beyond its original heartland in the City of London to the skyscrapers of Canary Wharf in the east and plush townhouses in Mayfair to the west. The British capital dominates global foreign exchange, and features international bond and fund management operations and more banks than any other hub.