Britain’s recent exit from the European Union made waves on social media, giving birth to hashtags such as #Brexit and more recently #Bregret in reference to leave voters who were said to have regretted their decision.
On a serious note though, what exactly does Brexit means for the city of London? We snoop around the web for expert opinions on this recent event unprecedented in EU’s history.
London risks losing thousands of finance job to other European cities, according to The Wall Street Journal. A senior official at the City of London Corp., which staunchly campaigned against Britain’s exit, was noted as saying that keeping the jobs in London depends on the country’s ability to access a political deal to EU’s market of more than 500 million citizens, which it is now an outsider.
Nonetheless, City of London’s policy chairman, Mark Boleat, believes that City will remain a major financial centre, albeit its size will depend on what or how much the city leaders can negotiate with investors.
Some believe that the rush to exit Europe can have negative consequences to the British banking industry as losing access to the single market could prompt major banks to relocate outside UK in order to maintain their access to the European market.
The exit can also unfairly affect thousands of EU citizens who work in London, forcing them to leave the city. Immigrants are recognized for their contribution in the British economy. Their shortage is expected to create a labor shortage, a problem which Britain already faces.
On a positive note, executives of the City of London who voted for Britain to leave the EU believe that the decision will make trade easier for London. They said that the victory will free companies of the cumbersome regulations imposed by the EU, enabling them to compete better for global business.