Viewing the impact of Brexit on Britain’s financial centre through an historical lens: Can there be a third reinvention of the City of London?

Dymski Gary (), Gavris Maria () and Huaccha Gissell ()
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Dymski Gary: Leeds University Business School Economics Division Leeds United Kingdom
Gavris Maria: University of Warwick Global Sustainable Development CV4 7AL Coventry United Kingdom
Huaccha Gissell: Leeds University Business School Economics Department Leeds United Kingdom

ZFW – Advances in Economic Geography, 2023, vol. 67, issue 2-3, 76-91

Abstract: This paper considers the question of how Brexit will affect the City of London from a long-term perspective, putting the changes induced by Brexit into the context of the City’s historical evolution over the past century. This perspective permits us to see that the City has continued to thrive because of a series of radical adjustments necessitated by the UK’s loss of its empire and by the emergence of global US financial power. Challenges to the global prominence of the City in Britain’s post-empire period have required two separate ‘reinventions’: the first, in the 1960s, involved localizing the Eurodollar markets; the second, in the 1990s, involved making London the preferred hub for providing sophisticated financial services within the European Union (EU)’s single market. The Great Financial Crisis put in motion several economic and political dynamics that have, however, undercut the City’s special global role. It is unclear whether maintaining the City’s offshore focus via a third reinvention, in a period of prolonged stagnation and increasing inequality in UK regions outside London, will be possible.

Keywords: City of London; Brexit; Offshore banking; Great Financial Crisis; Euromarkets; European Union; single market (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:zfwige:v:67:y:2023:i:2:p:76-91:n:6

DOI: 10.1515/zfw-2021-0041

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