When senior banking figures
warn that London's position as preeminent financial centre would be at risk from any British exit from the EU must be taken seriously. But at the same time one should not overlook the other side of the argument. Language and legal traditions aside the first question that comes to mind is the following: where would all the banks that are supposed to leave move to? A battle royal would ensue between the obvious candidates, Frankfurt and Paris. But some banks might also consider Amsterdam or Brussels, and the main European banks might find it unnecessary to maintain a major location outside their home country. If it ever comes to the question of 'Brexit' the main deciding factor might well be what the regulatory and tax regimes look like in the UK and the various possible alternatives inside the EU.
