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The EU is in no financial position to threaten the UK over the City.

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The economic engine of Europe is the UK… History has shown that Europe has ‘banned’ pretty much everything at one time or another in the UK.

“EU Could Bar Financial Market Access Unless UK Accepts Regulations.”

They still don’t get it, do they. They are no longer in the driving seat. Such threats and sabre rattling, and of course, are double-edged.

The Prime Minister of Croatia, Andrej Plenković warned that the European Union will use access to its financial markets for the City of London as a bargaining chip in upcoming negotiations with the UK.

They just don’t understand the City. But first put it in context, Germany has just had the worst car manufacturing figures in 23 years, Deutsche Bank is in a whole heap of trouble, barely on life support, then there is the Italian banks drowning in a sea of bad debts with the Italian economy not having grown for 20 years, and the French banks and economy not much better, and of course not forgetting that the ECB is having to resort to more quantitative easing to try to inject some life in the moribund economy, but all that is doing is allowing European investors unload European investments o the ECB and move it to Trump’s America.

So things are not looking too good in good old EU land , and certainly not the time to be threatening access to one of the world’s biggest financial centers.

As to the City , if there is a trade to do they will do it, regardless if some jumped up politicians say otherwise… a bit of history….the US demanded that all offshore dollars were repatriated and held under the Feds authority. Overseas investors didn’t care for that, so trading of offshore held Dollars took place in the City which became known as the Euro Dollar market , in light of the deficits the USA was running it became a vast market, so much so the US had to change its rules to claw back some of this market. Another bit of history, when the UK didn’t join the Euro there was a big push by the EU to deny the City this market…. big fail ….the City took the lions share of the EuroEuro debt market as well as the Euro currency market.

We will pivot our financial markets towards the US; Japan or elsewhere in the world and let their influence on the international money markets dwindle even faster.

So the EU is in no financial position to threaten the UK over the City, secondly even if they did the City being such a capitalist place, in tooth and claw, they will find a way to get the action.

The UK could do the same thing to the EU and if the US and UK acted in unison the EU markets would be crushed. Be careful what you wish for. There are always unintended consequences.

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