UK begins rush for third place

City of London
By Graham Bippart
24 Jun 2016

Long Europe's financial capital, the UK’s vote to leave the European Union casts doubt over the future of not just the city, but of the country's primacy as a business centre, the state of financial regulation in the country and the fate of Capital Markets Union.

The UK was a driving force behind the European Commission's ambitious Capital Markets Union project, with its executive Jean-Claude Juncker handing conservative peer Jonathan Hill responsibility for Europe's financial services portfolio in 2014. Hill later became the central figure of CMU.

But the UK's vote to leave the Union ...

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