The siren song of populism can be very hard to resist (btw, I’m not entirely unsympathetic to the independence the folks in Great Britain were after). When, however, and alas, it wins what it plays for, it can be costly for the populace:
From Bloomberg Reporting:
Frankfurt has emerged as the biggest winner in the fight for thousands of London-based jobs that will have to be relocated to new hubs inside the European Union after Brexit.
Standard Chartered Plc, Nomura Holdings Inc. and Daiwa Securities Group Inc. have picked the German city for their EU headquarters to ensure continued access to the single market. Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley are weighing a similar decision, said people familiar with the matter, asking not to be named because the plans aren’t public. HSBC Holdings Plc is the biggest non-French bank so far to opt for Paris.
London could lose 10,000 banking jobs and 20,000 roles in financial services as clients move 1.8 trillion euros ($2 trillion) of assets out of the U.K. on Brexit, according to think-tank Bruegel. The implications for the U.K. are substantial: finance and related professional services bring in some £190 billion ($245 billion) a year, representing 12 percent of the British economy.