Brexit implications for financial services

The UK’s financial services industry is not only very important to the UK economy, it is also extremely important to the EU economy.

The loss of the financial services 'passport' is seen by some as a major blow to London's future position as a financial centre. Some pin their hopes on 'equivalence' as a substitute for the passport to try to fill the gap however, equivalence is not necessarily a panacea for the City as Duncan Black explains.