As predicted, by me if no one else, firms in Britain who sold a lot into Europe are going to be courted by EU companies. But what I didn’t predict was the first to start the ball rolling was going to be a Cypriot bank with an American VP. Special relationship, not in business.

US billionaire Wilbur Ross has hinted this week  that Cyprus authorities should try attracting London-based financial companies seeking to relocate to Europe following British voters deciding to leave the European Union. Ross is the Bank of Cyprus’s vice chairman.

No point jumping up and down complaining about it. It’s pretty obvious London, for so long the financial powerhouse in the EU, has now lost an advantage and will probably pay the price. From this point on it’s damage limitation for the UK government… except we haven’t effectively got a UK government, or an opposition for that matter. Monster Raving Loony Party, the door is wide open for you.

Tom Kane (c) 2016