Quote:
Originally Posted by iheartthed
New York didn't decline. London improved. But, to reiterate, that coincides with the U.K. joining the EU in the 1970s. The EU was for a long time the second largest economy in the world, and now is the third largest.
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I don't disagree with you but I think your focus is too narrow if only focussing on the EU.
What really kick-started London's resurgence was the fact that it essentially captured the eurodollar phenom from the 1960s onwards. This a consequence of several factors not least the famously light-touch regulation with the City free to do as it pleased to an extent.
The increasing importance of global insurance, commodities trading and the forex market - all sectors of the international finance world in which London is remarkably strong are also important.
London is "useful". It's remarkable connectivity based on language, law, and crucially GMT, It's forex window, its vast depth of common law legal expertise, Lloyds merely the tip of the vast Insurance panoply run from there etc etc. We'll find that it will weather the Brexit storm.