London losing status as global financial hub after Brexit
London's position as a financial hub will be dealt a severe blow if the UK left the single market, the head of Germany's central bank has warned.
Jens Weidmann, president of Deutsche Bundesbank, warned that the “hard Brexit” scenario, favoured by conservative eurosceptics behind the ‘Leave Means Leave' campaign, would mean that Britain would be stripped of the right to authorise banks and finance companies to operate across the remaining 27 European Union nations.
He added that it would also allow Frankfurt to take business away from London.
“Passporting rights are tied to the single market and would automatically cease to apply if Great Britain is no longer at least part of the European Economic Area (EEA),” he said in a meeting with a host of European media outlets inclu...
