The impact on the City of London of a ‘hard Brexit’ would be modest and manageable, according to analysis by Moody’s Investors Service.
While there would be a loss of business in the event of the UK leaving the single market and losing banks’ passporting rights, the impact is likely to be less than many have predicted.
Mifid II legislation allows for the EU to recognise equivalent regulatory regimes, one factor that would mean most cross-border rights would be preserved, according to Moody’s. Mifid II is due to be adopted in 2018.
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