There’s been a lot of doom and gloom mixing with the fog in London these days. In the aftermath of Brexit, what will happen to the great financial center? Will all of the banks move to Rome? To Paris? Will London become a really big Colonial Williamsburg where residents are forced to dress in period costume while Americans gawp and toss them a pound coin now worth something like six cents?
One adorably insignificant country with much, potentially, to gain from the U.K. exit isn’t so sure. Little Luxembourg is also a picturesque constitutional monarchy and it’s not so sure that Queen Liz and the rest are just going to roll over. After all, the U.K.’s managed to keep its seat at the big boys’ table for decades without an empire or anything else of value, leveraging its special relationship and high-brow television to punch above its weight for decades. Sure, it doesn’t look good right now, but, you know, stranger things have happened. Not many, mind you, but some.
London’s financial services industry could be boosted by the U.K.’s planned exit from the European Union, according to Luxembourg’s finance minister….
“It is very difficult to anticipate whether it will become more successful by not being inside the European Union,” he said in an interview with The Wall Street Journal. “But I would not exclude it. We Europeans, the other 27 [members of the EU], should not underestimate the United Kingdom. There are uncertainties but the end result could still be good.”