I'd be sad if it wasn't London taking the hit...
I'm sure the area of the country with $20tr+ investment capital will find a way to bounce back though.
It's probably more worrying that the government continues to undeffund education and healthcare - so we're going to end up with a lot worse in the future.
Topic: Brexit Losses Continue to Mount - page 2. (Read 180 times)
London has long been the stock-trading center of Europe, but post-Brexit losses continue to siege traditionally strong British industries. From the Financial Times:
This happened only 1 month after Brexit went into effect. Other industries have seen even worse consequences:
GDP was down 2.9% in January as the supply chains have been thrown into havoc and business disruptions have been described as "endemic," and it turns out the government didn't do an economic assessment on the trade deal despite it being the most consequential trade agreement in memory. It's one thing to have the economy torpedoed by global macro economic conditions, it's an entirely different one to steer the ship headlong into the iceberg as Britain has done.
Amsterdam surpassed London as Europe’s largest share trading centre last month as the Netherlands scooped up business lost by the UK since Brexit.
An average €9.2bn shares a day were traded on Euronext Amsterdam and the Dutch arms of CBOE Europe and Turquoise in January, a more than fourfold increase from December. The surge came as volumes in London fell sharply to €8.6bn, dislodging the UK from its historic position as the main hub for the European market, according to data from CBOE Europe.
The shift was prompted by a ban on EU-based financial institutions trading in London because Brussels has not recognised UK exchanges and trading venues as having the same supervisory status as its own.
Without this so-called equivalence to ease cross-border dealing, there was an immediate shift of €6.5bn of deals to the EU when the Brexit transition period concluded at the end of last year. It was about half of the amount of business that London banks and brokers would normally handle.
An average €9.2bn shares a day were traded on Euronext Amsterdam and the Dutch arms of CBOE Europe and Turquoise in January, a more than fourfold increase from December. The surge came as volumes in London fell sharply to €8.6bn, dislodging the UK from its historic position as the main hub for the European market, according to data from CBOE Europe.
The shift was prompted by a ban on EU-based financial institutions trading in London because Brussels has not recognised UK exchanges and trading venues as having the same supervisory status as its own.
Without this so-called equivalence to ease cross-border dealing, there was an immediate shift of €6.5bn of deals to the EU when the Brexit transition period concluded at the end of last year. It was about half of the amount of business that London banks and brokers would normally handle.
This happened only 1 month after Brexit went into effect. Other industries have seen even worse consequences:
GDP was down 2.9% in January as the supply chains have been thrown into havoc and business disruptions have been described as "endemic," and it turns out the government didn't do an economic assessment on the trade deal despite it being the most consequential trade agreement in memory. It's one thing to have the economy torpedoed by global macro economic conditions, it's an entirely different one to steer the ship headlong into the iceberg as Britain has done.
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