|
|
"Transitional arrangements will also depend on the degree of co-operation from the EU27," read the report from Professor David Blake of Cass Business School, who is also a member of Economists for Free Trade, which used to be known as Economists for Brexit.
"It is in everybody's interests that any transitional arrangements are kept as short term as possible, no longer than is needed to bridge the gap between the UK's exit from the EU and the conclusion of any formal long-term trading agreement with the EU.
"If, as seems possible, the EU is not interested in such an agreement, then the UK should exit from the EU immediately this becomes apparent." [...]
Blake's study also argues that, for London to continue flourishing once the UK has left the EU, issues such as regulatory regimes and global standards of financial red tape, permits for skilled workers and encouraging UK financial firms to expand overseas will also need to be addressed.
"Brexit is a golden opportunity for the City of London to become a world financial centre which takes the lead in the new digital revolution of blockchain and fintech," said Blake.
According to figures cited in the research, the UK is the biggest net exporter of financial services worldwide, and around 40 per cent of these net exports go to the EU. Meanwhile, London is home to 250 international banks. [...]
Brexit and the City: report by Professor David Blake at CASS Business School