Brexit and the UK exodus
How important is Brexit? Do you think it does not affect you? Think again. At least if you're living in the EU and working in the UK. But the ramifications of Brexit goes beyond jus the UK since the UK.
For starters, about 44% of UK exports was done with other countries in the EU: so there will be an impact felt there. But there's another big worry for London, whether Brexit means the end of London being the pre-eminent global financial capital.
London is called the financial center of the world: many have said it surpasses Wall Street in New York, along with Frankfurt and Paris, not to mention Hong Kong and Singapore. But that may be in jeopardy now because of it.
Financial services make up 8% of Britain's GDP. That means that it actually employs as many as 2 million jobs in the UK, which translates into 1 in 7 jobs.
Many of the largest companies headquartered in London, representing 40% of the world's biggest companies, seem to think so, which is why many of them are thinking about moving from London.
It's a one trillion dollar market, and the Uk is sweating it out, that it may lose it. The London Stock exchange has warned the EU about moving the euro-clearing house, like LCH, the biggest one in EUrope, out of London. Clearing houses act as middlemen in transactions involving financial assets, which can process trades with a value of more than $1 trillion per day. But with Brexit: London's role is uncertain.
Several large investment banking companies have already made plans to leave London. JP Morgan and Goldman Sachs are two of the biggest, with both having already set up offices in Dublin and Paris respectively.
Goldman Sachs has also followed suit in Paris, heavily investing in the Parisian business district. It has seen the opportunities offered by France as described by the former Prime Minister, Manuel Valls, and has jumped on board to leave London.
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