Bustling or bust: How is the City of London coping after Brexit?
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 8 July 2021
⏱️ 17 minutes
🧾️ Download transcript
Summary
It’s been six months since the UK’s transition period from the EU ended. While the two sides hammered out arrangements for how various goods-producing sectors would continue to trade post-Brexit, financial services was largely left out of negotiations. We hear from the boss of Euronext, the head of securities trading at the London Stock Exchange, the man who authored a government-commissioned report on reforming the city’s listings regime, and a host of others to find out whether Brexit has been good or bad for the industry.
Presented by: Victoria Criag Produced by: Stephen Ryan, Nisha Patel, Jonathan Frewin
Transcript
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| 0:00.0 | Hello and welcome to Business Daily from the BBC. I'm Victoria Craig. Coming up, it's been six months |
| 0:07.3 | since Britain's transition from the European Union. And despite years of trade negotiations between |
| 0:13.0 | the two sides, the financial services industry was largely left to find its own way forward. |
| 0:18.3 | And it was ironic at the end of the Brexit negotiations that a huge amount of attention |
| 0:23.3 | was placed on fisheries, which was a tiny proportion of trade on either side, and very little |
| 0:28.9 | on financial and other business services, which are for the UK, a very significant proportion |
| 0:33.8 | of its global exports. |
| 0:36.5 | So is a lack of widespread agreement driving away the services that made London a key player |
| 0:42.0 | in the world of finance? |
| 0:43.2 | The core data center is basically the physical infrastructure where trades are executed. |
| 0:50.4 | And this infrastructure had to be located within the European Union. |
| 0:55.4 | Hence, this move to Italy, to Bergamo. |
| 0:58.6 | We're asking what the future holds now for Britain's powerful financial services sector, |
| 1:03.1 | post-Brexit and post-pandemic. |
| 1:05.7 | That's all here on Business Daily from the BBC. |
| 1:10.4 | The next station is back in my lab. Business Daily from the BBC. |
| 1:13.1 | The next station is back. |
| 1:19.8 | I'm just off the tube, London's Underground Train Network, and I'm walking up the stairs, |
| 1:22.7 | out of the station, and onto Threadneedle Street. |
| 1:28.2 | It's home of the Bank of England, and I'm surrounded by towering glass and old stone buildings. |
| 1:32.9 | It's where negotiations, trades, and deals are made every minute of every day. |
| 1:37.4 | It's a bit quieter than normal, thanks to the pandemic and ongoing work from home patterns. |
... |
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