Bloomberg: City Safe Despite Brexit

Bloomberg – a £250,000 donor to the Remain campaign remember – has declared the City of London “safe despite Brexit“. In a hugely enjoyable volte-face, the site today published a piece concluding that the City will be fine even in the event of a no deal Brexit:

“Despite Brexit, London’s place as a leading global financial center looks safe. Ever since Britain voted to leave the European Union, analysts have debated the City’s fate… Fortunately for the U.K., Brexit itself won’t erode the significant advantages London currently enjoys. Perhaps more importantly, neither will it help European rivals build up similar advantages… These conditions aren’t easily replicated… [London’s] competitive advantages are substantial — and won’t be easily eroded even by a hard Brexit.”

The article goes onto list the comparative advantages of London over alternative European financial centres, long adduced by Leavers: strong institutions, the pound, English law, the language and lifestyle. It’s a far cry from Bloomberg’s previous analysis on Brexit, the most extreme of which was the now infamous “71% of economists” survey which predicted a post-Referendum recession in 2016. Guido crowns this the King of Despite Brexit stories…


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