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Money Talks from The Economist

Money talks: Brexit and the City

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 2 July 2019

⏱️ 25 minutes

🧾️ Download transcript

Summary

London is home to the world’s biggest international financial centre. But Brexit threatens to cut the City off from its most important single foreign market. Tamzin Booth, The Economist’s Britain business editor, investigates whether the City of London can survive Brexit and how other cities across Europe, like Frankfurt, are vying to win their rival’s business. What is at stake on both sides of the Channel, and are there any winners in this battle? 

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Transcript

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0:00.0

Are you receiving tax credits?

0:02.0

If so, this message is for you.

0:04.5

Tax credits are coming to an end,

0:06.3

and most people will be asked to apply for universal credits instead.

0:10.0

The Department for Work and Pensions is writing to Tax Credit claimants.

0:14.0

You won't be moved automatically, so look out for your letter explaining what you'll need to do and by when.

0:19.0

And there's also lots of support to help you make the move.

0:22.0

Get ready for your Universal Credit Switchover.

0:25.2

Search Understanding Universal Credit today.

0:28.2

Eligibility criteria apply. Hello and welcome to Money Talks on Economist radio.

0:43.0

I'm Tamsen Booth, the economist's Britain Business Editor.

0:47.0

The city of London is the world's biggest center of international finance,

0:55.0

but Brexit threatens to cut the city off from its largest and most important

0:59.0

single foreign market, the EU.

1:02.0

In this show we're asking can the city survive Brexit in anything

1:06.0

like its current form? Looking up at the city skyline with its crowd of concept skyscrapers, the walkie-talkie,

1:18.0

the shard, the cheese grater, there's no sign that its position at the top is under threat, but down at street level the mood is different.

1:25.0

Brexit will make it harder to conduct business here in the financial services industry so you would think that some jobs

1:31.2

would be moved and probably would not be recovered.

1:33.6

It's been a long week for an interview.

1:35.5

It's a lot of uncertainty.

1:36.8

It is a worry that we don't get taken seriously,

...

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