The Brexit disaster continues to unfold in utterly predictable ways. We’ve only implemented half of the full set of rules so far, and exporters are getting slammed. After July when the full set of rules come in, importers will get similarly slammed.
And the “masters of the universe” in the square mile, and canary wharf are watching as their business flies back to Europe faster than anyone predicted.
There was always a chance that Brexit might reduce the status of the City of London, but this change of fortune is happening at a much faster rate than I might have expected. It suggests a number of things.
The first is that very clearly some in the EU had worked out the consequences of Brexit and planned for it. Such a shift due not happen without a plan to create the necessary capacity for it to occur. So, others read and planned for Brexit vastly better than the UK did.