The City and UK-Based Financial Services 10 Years After the Brexit Referendum
This article evaluates the consequences of Brexit for UK-based financial services and the City of London a decade after the 2016 referendum. It argues that the Trade and Cooperation Agreement produced a legally “hard” exit for financial services, ending passporting rights and excluding the sector fr...
Enregistré dans:
| Dans: | URI:https://journals.openedition.org/osb, |
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| Auteur principal: | |
| Format: | Article ou chapitre numérique |
| Langue: | Anglais |
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Observatoire de la société britannique
2026
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| Accès en ligne: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |
| Résumé: | This article evaluates the consequences of Brexit for UK-based financial services and the City of London a decade after the 2016 referendum. It argues that the Trade and Cooperation Agreement produced a legally “hard” exit for financial services, ending passporting rights and excluding the sector from meaningful single market access. While the UK has experienced job relocations, a decline in revealed comparative advantage, and increased EU-based activity by UK firms, the sector has shown considerable resilience. The EU remains a major export market, London retains global strength in derivatives clearing and foreign exchange trading, and the UK continues to post the world’s largest financial services trade surplus. The article further analyses the UK’s evolving regulatory framework under the Financial Services and Markets Act 2023 and situates post-Brexit developments within the macroprudential and monetary policy architecture shaped by the Global Financial Crisis (2007-2008). It concludes by considering prospects for renewed UK–EU financial cooperation. |
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