Banking and Finance Commentary 2-2016
BREXIT: A tale of two (financial) Cities. Madrid’s bid to replace The City
The Brexit referendum was preceded by verbal clashes with neither camp being meticulous about spelling out the truth. With the result in, the practical consequences remain unclear and the ground is ripe for more half-truths and wild bets.
However, while the Continent remained rather passive before the vote, Europe is now joining in the mix of speculation and wishful thinking and discussions rage on as to which European city will replace London as a financial centre now that Brexit has supposedly consigned The City to economic death row. Lawyers are wading into the fray as many of the arguments are pseudo-legal in nature.