News analysis

Britain and EU gear up for another fight

At stake is London's predominance as Europe's biggest financial centre

London is not used to competing with other European hubs; it likes to compare itself to New York, Shanghai, Singapore or Hong Kong, and with good reason, the writer says. More financial services business is done in the City of London than in all the
London is not used to competing with other European hubs; it likes to compare itself to New York, Shanghai, Singapore or Hong Kong, and with good reason, the writer says. More financial services business is done in the City of London than in all the European Union combined. PHOTO: AGENCE FRANCE-PRESSE
Jonathan Eyal‍ Global Affairs Correspondent In London
Updated
Feb 19, 2021, 05:00 AM
Published
Feb 19, 2021, 05:00 AM
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British politicians always knew that London's predominance as Europe's biggest financial centre would be challenged the moment Britain left the European Union.

Yet few were prepared for the speed at which the British capital appears to be loosening its grip on the biggest share of Europe's financial industry.

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A version of this article appeared in the print edition of The Straits Times on February 19, 2021, with the headline Britain and EU gear up for another fight. Subscribe

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