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What Brexit means for London as a financial capital

Reuters
  • Eshe Nelson
By Eshe Nelson

Economics & Markets Reporter

The City of London wields extraordinary influence as one of the world’s leading financial centers, but its place at the top of the global finance industry is threatened by Brexit.

The district is governed by The City of London Corporation, which is one of the primary voices of the UK’s financial sector. Catherine McGuinness is the chair of the Policy and Resources Committee, essentially serving as the corporation’s political leader. Quartz spoke to McGuinness about the impact of Brexit on the City. She said Brexit doesn’t bring new opportunities, but instead was creating “cliff edge risks,” in which firms have contracts to provide services to customers beyond Brexit but could abruptly end up without the regulatory approval to do so.

Quartz: How are financial firms in the City preparing for Brexit?

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