Londoners fret that the sky is falling

Warrington vs Leeds, 13March2015, Photo: Anthony Moretti

The New York Times reports that many Londoners fear their city will no longer be an international hub once the UK’s divorce from the EU is final. (Story begins with a slideshow.)

“We’ve made a horrible statement to the rest of the world, and it’s very sad,” said Martin Eden, a publisher waiting to catch the Eurostar to Paris the other day, to celebrate his 43rd birthday. “We should be moving together,” he said of Europe, “instead of moving apart.”

London’s status will be determined in part by the success EU leaders have in moving businesses from the UK and into the EU. Bloomberg asserts while London will remain a vital European city, it behooves the EU to think creatively about its interests.

Coordinating its efforts to promote a single rival to replace London might look appealing at a strategic level, but that isn’t going to happen. The EU is neither a fiscal nor a political union. Governments will vie for business against one other.

Not a fiscal or political union? Perhaps not; but the initial conversations between EU leaders and their British counterparts about the terms of the divorce, it appears the EU’s representatives are paying hardball.



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