Finance: The tangible benefits of Brexit
London is, unsurprisingly, struggling to embrace Brexit. Its advocates say the City just needs to try harder.
Matthew Elliott, former chief executive of Vote Leave, the campaign group that in 2016 persuaded just enough UK voters they would be better off outside the EU, explained on Wednesday that the country now needs to think about the tangible benefits of Brexit to its financial services industry.
Elliott is now a political adviser to Shore Capital, the investment group whose founder Howard Shore is a prominent backer of the UK’s Conservative party and supporter of Brexit.
Elliott offered his thoughts alongside Shore’s non-executive chairman Xavier Rolet, former head of the London Stock Exchange, and research chief Clive Black.
Sadly, those tangible benefits aren’t immediately obvious anywhere in their 2,800 words.
They can’t quite advocate walking away from all those European rules, perhaps because they were mainly written by Brits
The three admit that whilst the question is quite straightforward, the answer is more involved, multi-faceted, multi-agency and multi-lateral.
It sounds like one of those games of 3D chess Elliott’s old pal Dominic Cummings used to enjoy, possibly even a 4D game.
Apparently, London must remain relevant both to Chinese and US investors and issuers, plus all their intermediaries, while taking a coordinated and well-thought-out approach to Switzerland, sovereign wealth funds, key family offices and the techno-genius of Israel.