(Although that seems to be in dispute.)

Regardless London’s role as a business capital goes beyond banking.

If you’re a multinational business with a European operation, there’s a good chance you’re going to set up shop in London. (Or at least there was before last night.)

In 2014, Deloitte examined the 250 largest companies in the world. Of those with a European headquarters office, 40% had theirs in London. No other European city came close. But given the level of uncertainty thrown over Britain’s position to Europe in light of the referendum, that could change. Morgan Stanley analysts had this to say on the UK economy in light of the results:

“It will hit growth, as firms hold back on investment,and households increase precautionary savings. Longer term, we expect a less open and more volatile economy, with reduced inflows of capital and labour,and a lower rate of potential growth.”

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