The sun rises on the City of London
by Ambrose Evans-Pritchard
French leaders are openly plotting to peel off large chunks of the City’s financial industry as soon as Britain leaves the EU. This might prove much tougher than they imagine.
The plans conflict with far more important economic and strategic objectives of the EU, and some of the stated intentions violate existing EU law.
France is rolling out the red carpet for putative refugees from Canary Wharf, hoping to capture the lion’s share of the estimated €600bn to €1 trillion market for clearing in euro-denominated transactions. Some German officials are also eyeing the City, but more discreetly.