The new French Finance Minister (HERE) has said that Brexit is an opportunity for the Eurozone's financial sector and they will be pushing to ensure that the Euro clearing business is moved inside the EU and away from London. Michael Spencer, former Tory party treasurer, has described this as, "nothing more than a real nasty piece of economic nationalism and protectionism". (HERE). And it isn't just Euro clearing they're interested in, according to The Independent (HERE) they want to create an entire alternative financial market.
This is seen by the Brexiteers either as protectionist, as Micheal Spencer does, or as a bit of a joke because London's pre-eminent position is not really under any sort of threat at all.
It may well be that London is strong enough to withstand efforts to steal away some lucrative part of its financial business but there can be no doubt it will face more competition in future, competition that comes directly from the decision to leave the EU. As for Mr Spencer, a remainer who has thrown in his lot with the leavers, I am not sure what he thinks Brexit is if not a "piece of economic nationalism" if ever there was one.
