Europe’s Brexit dividend is a small one – POLITICO.eu

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This article is part of the special report Brexit and the City.

The City of London is an integral part of Britains economic engine: As a global financial services hub, it made up almost 7 percent of Britains economic activity in 2019.

With the U.K.s departure from the EU, effective from January, some have raised alarm bells that this lucrative industry could take a big hit. Already, thousands of U.K.-based jobs and trillions of pounds worth of trades have moved across the Channel.

This shift is largely down to the fact that the U.K. has left the blocs single market and needs special permission to offer financial services to EU companies permission it does not yet have.

But if these losses look dramatic on paper, theyare unlikely to make much of a dent in Londons status as a leader in financial services.

Heres a breakdown of what is changing or not as a result of Brexit.

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Europe's Brexit dividend is a small one - POLITICO.eu