An interesting article in the well-respected Paris-based financial paper La Nouvelle Economiste this week sings the City of London’s praises despite Brexit. It notes that tens of thousands of city jobs did leave after the vote. As remainers said would be a prelude to the collapse of the city…
Instead the paper points out nothing of the sort has happened:
- Tory moves to encourage inward fintech movement especially through the Financial Services and Markets Act 2023 and Financial Services Strategy instantly put the UK as the second-largest fintech market in the world with €2.8 billion. Unicorns: Wise, Revolut, Monzo, and Checkout.com…
- London remains the second largest financial centre in the world behind New York and far ahead of European rivals. It also leads in venture capital…
- The EU’s Capital Markets Union is weak and has failed to see progress since 2014. EU member states not keen to expand beyond their national competencies…
The paper concludes: “While the EU struggles to speak with one voice, London is asserting itself as an agile, reformist center, more open than ever to global capital.” Not news to Brexiteers…
With a die-hard remainer in Washington as UK Ambassador and a committed pro-Brussels PM in Downing Street, it’s no wonder the Brexit dividend of swerving the current outbreak of EU-US trade wars has not been noted by the Labour government. US stocks had their worst day in 2025 yesterday as markets caught severe nerves about the US’s intentions on tariffs – more than $800 billion in market cap has been wiped from the S&P500 – as President Trump blamed “globalists” for the sell-off. Guido steps in…
The UK’s independent trade policy has ensured Labour can benefit from multiple wins since being elected, including:
- The UK did not join the EU’s 25% tariff on Chinese electric vehicles in the last quarter of 2024
- The UK won’t join the EU’s Carbon Border Adjustment Mechanism – a tax on the carbon emitted during the production of certain goods
- The UK will ignore the EU’s 2024 Artificial Intelligence Act which brings a tonne of regulation down on high-growth AI companies
And of course, the UK will be free of the 25% tariff the President has threatened to impose on EU goods imported to the USA. If the UK was still in the EU, it would be even more deeply caught up in the White House’s spat with European leaders, and unable to rapidly adjust its own trade policy to mitigate any potential unilateral tariffs…
Instead, Keir Starmer has been able to position himself as the Atlantic bridge – despite being personally loathed by Team Trump. Has Starmer said ‘thank you’ to Brexit voters once?
UK ministers are pressing ahead with post-Brexit gene editing laws – which involves making changes to a plant’s existing DNA – despite whinges from Brussels that it could derail border checks agreements. Environment Secretary Steve Reed confirmed the Genetic Technology (Precision Breeding) Act 2023 will be fully in force by March, unlocking a £1 billion boost for UK agriculture. As least there’s one Labour minister proving they’re pro-growth…
Reed said ploughing ahead with gene editing plans is “the right thing to do…I don’t think we should stall going forward on things like this where we see huge advantages to the sector and domestic food production.” Meanwhile former Tory science minister George Freeman said the move would help to attract investors to the UK. Brexit bearing fruit again…
