London is the undisputed financial capital of the EU, although that may change after the Brexit. Most City workers were against the Brexit (and the population of London in general), is that, knew existed many possibilities of losing their jobs if there was Brexit.
The survival of the City as a European financial center (to give us an idea is the largest hub currency exchange in Euros in the world), it will mainly depend on two things, the first is the “passport” which allows banks of any country operating in another, the second is the movement people. Approximately 11% of the 360,000 workers in the City come from other EU countries. Freedom of movement of people allowed to bring easily qualified workers across Europe.
Suppose there is agreement
When we talk about the possibilities of the United Kingdom after the Brexit, we talked about the possibility for the EU to sign some agreement with the UK as it has with Switzerland and Norway. Switzerland and Norway waive part of its national sovereignty and contribute to the EU budget in order to have access to the vast European countries equivalent to market that are part of the EU.
In a way, small countries do not find it so bad relinquish some of their national sovereignty; they get much more to be integrated in such a large economic bloc. The question is whether a country which has just voted, among other reasons, to get rid of the EU regulation, to contribute to the budgets and freedom of movement of people, accept a similar agreement. Continue reading What will happen to the City and thousands of well-paying jobs after Brexit?