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Financial Services, the EU, and Brexit: An Uncertain Future for the City?

Published online by Cambridge University Press:  06 March 2019

Niamh Moloney
Niamh Moloney*
Affiliation:
London School of Economics and Political Science, Law Department [[email protected]]

Extract

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The financial services industry is of central importance to the UK economy. It represents some 7% of GDP. It also generates major exports for the UK - in the region of one-third of UK financial services are exported to the EU. News reports in the immediate aftermath of the referendum result included the sharp drop in banking stocks; the overtures being made to attract UK financial business away from the City to other EU centres; and plans by leading financial institutions to move some operations away from the City. Vivid illustrations all of the importance of the Brexit vote for the City and the UK financial services industry.

Type
Brexit Special Supplement
Information
German Law Journal , Volume 17 , Issue S1: Brexit Special Supplement , 01 July 2016 , pp. 75 - 82
Copyright
Copyright © 2016 by German Law Journal, Inc. 

References

1 HM Treasury, The Long Term Economic Impact of EU Membership and the Alternatives (April 2016).Google Scholar

2 Case T-496/11, European Central Bank v UK. The case was decided on an issue relating to the scope of the ECB's powers.Google Scholar

3 Decision of the Heads of State or Government Meeting Within the European Council, “Concerning a New Settlement for the United Kingdom with the European Union,” European Council Meeting, 18 and 19 February 2016 (EUCO 1/16), Annex 1. See Moloney, N., Capital Markets Union: “Ever Closer Union” For the EU Financial System?, 41 European Law Review (2016) 307.Google Scholar

4 Completing Europe's Economic and Monetary Union. Report by Jean-Claude Juncker, in close cooperation with Donald Tusk, Jeroen Dijsselbloem, Mario Draghi, and Martin Schulz (June 2015).Google Scholar