Leaving the EU will be detrimental for the future of the City

The City’s growth is not endogenous, it has coincided with the achievement of the European single market. In the past 20 years London managed to adapt as a bridgehead for foreign, mostly US, financial institutions’ operations all over the EU (banks, institutional investors and fund managers, and ratings agents). Karel Lannoo, one the participants of the first LSE Commission on the Future of Britain in Europe, claims that it is doubtful that this would remain the case if the City ceased to be an EU financial centre.