The consequences of the United Kingdom’s decision to leave the European Union will reverberate far and wide, but particularly within the financial services sector. Once Brexit is complete, UK-sited financial firms will no longer be able to operate freely throughout the EU. They will need to uproot their business from the City of London and reconfigure their operations within the EU in a process that looks to be long, tortuous and costly. Karel Lannoo, CEO of the Centre for European Policy Studies, captures the enormity of this effort in a succinct but dense analysis. getAbstract recommends his sobering report to financial professionals and policy makers.
In this summary, you will learn
- Why a single market for financial services has served the European Union and the United Kingdom well,
- How the UK’s departure from the EU will disrupt the financial services industry, and
- What alternatives may exist.
About the Author
Karel Lannoo is the chief executive officer of the Centre for European Policy Studies.