For decades, the UK’s bankers have mostly relied on their industry’s outsized status in the British economy in order to find a receptive ear in the UK’s government.
However, in the aftermath of the country’s vote to abandon the European Union, the sector, generating approximately a tenth of national economic production is grappling with rather an uncomfortable new reality where economics doesn’t always takes on politics.
June’s vote to leave the European Union has provoked a drastic change in leadership as well as tone in the UK’s government with new Prime Minister Theresa pledging to create an economy, which could work for everyone.
Reuters talked to several senior bankers from big British as well as international banks based in the city and including some already involved in discussions with the government over Brexit.
Their warning against the impact of Brexit – where they lose their access to the EU’s single market – was met with great skepticism by the government as well as accusations from some eurosceptic lawmakers, undermining the message that the UK can thrive outside the EU.
