The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Boris Johnson is not in charge of the UK’s negotiations to leave the European Union. Yet the new British foreign minister has said one of the most helpful things on the topic so far. “It would be geographically, physically, culturally, emotionally and historically impossible for the UK to leave Europe,” he said on July 14. “That is not our destiny. That is not our future.”
The City of London will remain a financial hub for longer than Britain remains a member of the European Union. Talks over how the United Kingdom leaves the EU could end with extra regulation, higher costs and more capital requirements for the financial sector. But it’s unlikely that clients – principally, asset managers and non-financial companies – will move much. They are the ones who drive the so-called “cluster effect”.
Theresa May has a beef with privilege. The UK’s new prime minister used her first remarks in the role on July 13 to pledge support for workers and the less wealthy. There’s plenty she can do if she is serious about correcting the economic disparities that played a part in Britain voting to leave the European Union.