– “Chaotic” Brexit more likely after Davis, Johnson resignations from UK government
– London’s rivals are slowly carving chunks out of its financial services business
– UK’s Brexit options are increasingly unappealing which may pressure the pound
– Already Frankfurt, Paris, Luxembourg and Dublin seeing more foreign direct investment and financial services jobs
– Risk of “death by a thousand cuts” for London, it’s financial services industry and its property market?
Source: EY via Bloomberg
That Giant Sucking Sound is Post-Brexit London Losing Out
The U.K. capital’s rivals are slowly carving chunks out of its business.
by Mark Gilbert of Bloomberg
Lingchi is the Chinese word for a form of torture in which flesh was systematically sliced from the body of the condemned, resulting in death by a thousand cuts. It was banned there in 1905; but, with Brexit looming, the practice is set for a revival in the City of London.
The British government continues to be riven by disagreements over what it wants its future relationship with the European Union to look like. And while the U.K. so far has only had one referendum on Brexit, the financial services industry gets to vote as often as it wants – and it is signaling deep disquiet with the likely outcome.
Boris Johnson’s Borexit Makes Brexit Even More Chaotic
He leaves Theresa May with an opportunity – but the risks keep rising
by Mark Gongloff of Bloomberg
Boris Johnson will now have a lot more time for writing limericks and aggressive rugby.
The UK’s Foreign Secretary and Brexit poster boy quit Theresa May’s government on Monday. He and some other prominent Brexiteers in May’s cabinet couldn’t abide by her proposal for a “soft Brexit” from the European Union, which they decry as a Brexit in name only. The departures had some suggesting the end of May’s reign was nigh, with her popularity slipping, her government crumbling and an October deadline for settling on a Brexit plan fast approaching.
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09 Jul: USD 1,262.60, GBP 946.95 & EUR 1,072.70 per ounce
06 Jul: USD 1,254.20, GBP 947.55 & EUR 1,071.09 per ounce
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