UK is Where the Money is

The Economic Times - - Finance & Commodities -

The UK’s im­pend­ing de­par­ture from the Euro­pean Union means the rest of the bloc is say­ing good­bye not only to its most awk­ward mem­ber, but also to one of its rich­est coun­tries, with its big­gest de­fense bud­get and its most suc­cess­ful fi­nan­cial-ser­vices hub. Fi­nan­cial ser­vices will be a key bat­tle­ground in the Brexit ne­go­ti­a­tions. The UK ac­counts for 37% of all the global for­eign-ex­change trad­ing, 39% of the world’s trad­ing in over-the­counter de­riv­a­tives and is the big­gest cen­ter for in­ter­na­tional bank lend­ing, at 17%, ac­cord­ing to lobby group TheCi­tyUK.

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