STAFF NEWS & ANALYSIS
Has Brexit Really Damaged London’s City or Will British Finance Benefit?
By Daily Bell Staff - July 03, 2016

If the City has truly found humility, it can still be useful to Britain … Some figures in the financial services industry are almost starting to sound contrite. Given the trade surpluses they generate, it’s tempting to listen … The City is nervous about Brexit.  – Guardian

This article is telling us that post-Brexit, London’s City is “remorseful” about how it has acted. Or at least it should be.

Of course a city cannot be remorseful, and we are not sure about the remorse of City bankers either. It seems something like propaganda, a dominant social theme being purveyed by the mainstream media.

The top bankers in our view are going to use Brexit to further a globalist agenda.

Already Brexit is being used as a justification to further deepen a United States of Europe. Brexit may also be used an excuse for the City itself to cast a wider net in Europe and Asia.

The City will explain that Europe will take City business away post Brexit. Also that it faces increased competition from Asia.

Remorse is to be the outward expression however. The public expression:

Douglas Flint, the chairman of HSBC, had a warning for his colleagues: refrain from lobbying for the industry’s sectional interests; be very discreet; and be seen to be batting for Britain, not the City.

David Sproul, boss of the accountancy firm Deloitte’s, went further. He said the City had overplayed its hand during the recovery, leaving behind people in towns like Sunderland and Hartlepool.

Flint also touched on the expanding meme of populism versus globalism, which we have noted elsewhere.

According to Flint, voters rejected the “expert class” – a globalist vision in other words.

As a result, bankers should accept more stringent regulation as the price necessary to pay for being accepted. Even salaries and bonuses should be adjusted, with City bankers receiving less and “workers” receiving more.

If the City wants to continue to operate along familiar lines and to continue to assume financial risk, it will have to make compromises in other areas, Flint indicated.

Flint’s perspective is in line with a just-published article in The Daily Beast, entitled, “Why the World Is Rebelling Against ‘Experts’”

The article explains the occurrence of Brexit and calls what is happening currently the “Great Rebellion.

Here:

Its expressions range from Brexit to the Trump phenomena and includes neo-nationalist and unconventional insurgent movement around the world.

It shares no single leader, party or ideology. Its very incoherence, combined with the blindness of its elite opposition, has made it hard for the established parties across what’s left of the democratic world to contain it.

What holds the rebels together is a single idea: the rejection of the neo-liberal crony capitalist order that has arisen since the fall of the Soviet Union.

This is indeed the point the Telegraph article is making. A shift in sentiment has taken place that has supported Brexit in Britain and Trump in the US.

What people need to bear in mind is that these analyses are being proposed by mainstream media outlets. We’re not sure that Brexit will threaten City business in the long run. Nor is the idea of “remorse” sincere.

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Conclusion: There are good many reports suggesting that public sentiment has shifted and that the “elite” globalist agenda has been turned back. That may not be the case.

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