14 February 2016

フィナンシャルタイムズ紙：英国のEU（欧州連合）離脱でロンドン金融街シティが得るものはなし

For all the reputational blows it has taken, the City remains one of the few areas in which the UK is an undisputed global leader. The country runs a substantial surplus in trade in financial services, including with the EU. Roughly a quarter of the UK’s financial sector business involves the single market, equivalent to 2 per cent of gross domestic product. And balanced on top is a wider array of professional services. Remove a slice of that activity and the prosperity of the whole would be materially reduced.

Brexiteers like to claim that this would not happen. We could continue to trade equably with the EU whether we were in or out, they argue. And anyway, non-EU markets are growing significantly faster. But without the “passporting” privileges that EU membership provides, activity would drift across the Channel. Non-EU firms would no longer be able to site their European operations in London and trade freely throughout the single market. And as these firms opened offices in Paris or Frankfurt, the size and reach of their London units would shrink.

It is simply fallacious to argue that access could be preserved without the price of membership. Stick within the wider European Economic Area à la Norway and you retain the costs and rules without any influence over them. Swiss-style bilateral deals do not come with a passport attached.

There is moreover no regulatory nirvana outside the EU that would offset the erosion of business resulting from Brexit. London’s advantages as a financial centre were never down to the light-touch regulation of the boom years. And since the crisis Britain has rightly been at the forefront of tightening the rule book, intellectually and in practical terms.

City observers are of course right to worry about the new European regulatory framework. Mr Cameron’s safeguards are far from fail-safe and Britain’s interests will need defending.

The antipathy of some member states to finance could lead to more onerous rules in future, or regulations being interpreted in ways that disproportionately hurt London. The European Central Bank’s attempt to pull all euro-denominated clearing into the eurozone may have been defeated in once. But such challenges will recur.

The way to deal with this is not to head for the exit. That would leave the UK with no defences to mount against exclusion. No, if the City is to prosper, Britain needs to stay at the European table, build alliances and defend this valuable turf.

© Financial Times