In the Balance

Brexit: What Next for the City of London?

Oct. 29, 2016

Could Brexit be about to undermine the dominance of London's banking industry? The British Banker's Association has warned that large banks are getting ready to relocate out of the UK early next year, and smaller banks could move operations overseas before then. It comes amid a fierce debate in Britain and Europe over what Brexit should look like. Some banks in London are pushing to retain access to the single market - especially so-called passporting rights. But the British government is unwilling to give ground to the EU on its key demand - control over immigration. Frankfurt, Berlin and Paris are certainly on the charm offensive, with lobbyists hard at work encouraging relocation. So can London retain its status as a global finance hub – and who benefits if it doesn't? How much do other cities really stand to gain from Britain's imminent exit from the EU, and possibly the single market? And if there is an exodus of banks from the City of London, what will it mean for Europe, and even the global economy? The BBC's Ed Butler is joined by an expert panel - Mark Boleat, policy chairman of The City of London Corporation; Marta Krupinska, a Polish-born businesswoman and founder of Azimo, a platform for sending money internationally; Dr Gerard Lyons, of the Policy Exchange think-tank and NetWealth Investments; Nicolas Véron, of the Bruegel Institute and the Peterson Institute for International Economics. (Photo: City of London skyline. Credit: Christopher Furlong/Getty Images)

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