Oh the irony!

City bankers are warming to Jeremy Corbyn. This is why

Well, maybe not to the socialist aspects of Labour’s policy positions, but there is one thing they hate even  more: Theresa May’s hardcore Brexit policy which will block British-based financial institutions from operating freely in the EU.

Theresa May’s fateful speech almost a year ago committed her Government to yanking the UK out of the single market and quashed the idea of any continuing role for the European Court of Justice in the UK. As the EU negotiating side has made clear, on multiple occasions, those two decisions spell death for UK-based financial firms’ “passport”, or their ability to sell their services right across the European Union. If they wish to continue serving mainland European clients they will have to establish (or beef up) subsidiaries on the European mainland itself at considerable cost and hassle. And these entities will be regulated by the EU, rather than the UK, authorities.

It’s not that they would welcome a Labour government, with strong views about renationalising certain industries and taxing those who can afford to pay taxes. But with Oor Theresa, they’re going to have to move substantial parts of their businesses to Europe at considerable expense, and also adhere to EU laws.

The awful Tories never considered any of this when they went ahead with Brexit. They are too dumb to rule.

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