This is an important read from the Telegraph. The article reports that Britain warned Ireland not to launch an “aggressive and opportunistic” campaign to steal business from the City of London in the wake of Brexit vote, citing a senior figure in Ireland’s Investment and Development Agency (IDA).
For me, the second part of the article was perhaps more newsworthy. Financial institutions have to submit to the Bank of England by July 14 their worst-case scenarios in the event of a Hard Brexit with no transition. It’s expected that details will be published shortly afterwards. It will be hard to bury news of many thousands of jobs going offshore to Frankfurt and Dublin. If I worked in financial services, I’d be taking intensive German lessons in my lunch hours. Perhaps bankers will be introducing their families to
bratwurst in the Black Forest, Baden-Württemberg, this summer to prepare them for the worst? Surely, the bottom line is a downside social risk of increased family breakups and divorces, as bread-winners follow the money to Frankfurt?