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frankzappa

Consequences of Brexit for the U.K. : London & Scotland

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London
Brexit has already depressed growth in The City, the U.K.'s financial center. Growth was only 1.4% in 2018, and was close to zero in 2019. Brexit has diminished business investment by 11%. 

International companies would no longer use London as an English-speaking entry into the EU economy. Goldman Sachs, JP Morgan, and Morgan Stanly have already switched 10% of their clients. Bank of America has transferred 100 bankers to its Dublin office and 400 to Paris.

Scotland
Scotland voted against Brexit. The Scottish government believes that staying in the EU is the best for Scotland and the U.K. It has been pushing the U.K. government to allow for a second referendum. 

To leave the U.K., Scotland would have to call a referendum on independence. It could then apply for EU membership on its own.

thebalance.com

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