The world’s biggest international financial centre faces its toughest test
has a handful of great commercial hubs. Silicon Valley dominates technology. For electronics, head to Shenzhen. The home of luxury is Paris and the capital of outsourcing is Bangalore, in India. One of the mightiest clusters of all is London, which hosts the globe’s largest international financial centre. Within a square mile on the Thames, a multinational firm can sell $5bn of shares in 20 minutes, or a European startup can raise seed finance from Asian pensioners.
This metropolis of money, known as the City, generates £120bn of output a year—as much as Germany’s car industry. Because it allocates capital and distributes risk at a vast scale, its influence is global. But now, with a “no-deal” conclusion looking increasingly likely after a change of leader of the Conservative Party , Brexit threatens to rupture Britain’s financial links with the European Union.
Given the sums at stake—London hosts $20trn of bank assets and securities—you might expect a grand bargain between the
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