They want to set up an example to deter other member nations from taking similar steps at a later stage. The other member nations are advocating for difficult rules for Britain post-Brexit. Global bankers who once made London their home will now have to abandon it if they want continued access to the European single market. Loss of jobs in the financial sector would, therefore, have a cascading effect on many other sectors and lead to loss of livelihoods across the entire economy in general! The schools, the supermarkets, and those Michelin starred restaurants all receive some of the money generated by the financial sector. The entire economy of London is largely influenced by it being the financial capital of the world. One of the most significant downsides of Brexit could be the fact that London would possibly lose its title of being the number one financial center in the world. Some believe that the outcome will be catastrophic for Great Britain. ![]() There are contradictory views about the possible outcomes. However, the effects are not really seen. What has happened now is a mere announcement of the intention of Britain to leave the European Union. ![]() Experts believe that the effects of Brexit will be varied in nature.
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