London Falling

Times of London: “How did we get here? There are several distinct strands to the story of the City’s decline.”

“Since the development of the eurodollar market in the 1950s, the City has thrived on globalization. Margaret Thatcher’s abolition of currency exchange controls in 1979, and the ‘Big Bang’ deregulation masterminded by her chancellor, Nigel Lawson, in 1986, ushered in a golden era. It was summed up by the word ‘Wimbledonisation’ — the idea that foreigners were welcome to win big on a perfect financial lawn, while Britain enjoyed the lucrative role of host.”

“Brexit has rather changed the game. The referendum result in 2016 did not trigger the massive jobs exodus to Europe that some had predicted. But the Christmas Eve deal signed by Boris Johnson in 2020 left financial services out in the cold, with companies losing their ability to serve EU markets under so-called equivalence rules.”