Rishi Sunak pitches the City to the world
The Treasury finally lavishes attention on the unloved, but important, square mile
EVEN BEFORE covid-19 sent its workers home and deprived its soulless restaurants of any remaining souls, the City of London was in a funk. In its negotiations with Brussels, the government lavished attention on fishermen but hardly seemed to be putting up a fight for financial services, which account for 7% of Britain’s GDP and 10% of its tax receipts. No wonder, then, that British-registered firms–which at the end of the year will lose “passporting rights” that enable them to sell funds, debt or advice across the EU–were shipping thousands of workers and billions of pounds of financial assets to the continent.
This article appeared in the Britain section of the print edition under the headline “London calling, at last”
Britain November 14th 2020
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From the November 14th 2020 edition
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