Tremors in the City highlight fault lines over Brexit

There is no unified City view on Europe. Principal-agent analysis tells us that trade associations (as agents) simply tend to vocalise the preferences of their largest members (principals), hence their soft pro-Europeanism. However this shouldn’t disguise the fact that the City’s carefully crafted collective voice masks real divisions over Brexit.

The most important fault line to have emerged recently is that which exists between the banking and non-banking sectors.

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