No city stands to lose more from Brexit than London, which, despite sterling’s resilience, has become the de facto financial capital of Europe and is one of three or four truly global capitals. If the British vote to leave the European Union, of course, many finance jobs could leave London, depressing many other secondary industries. While there are powerful arguments for Brexit, even among London’s residents, it’s hard to believe that Brexit would be a net positive for London as a global and European capital.
Nevertheless, it wasn’t surprising that London’s outgoing mayor, Boris Johnson, announced his support Sunday for leaving the European Union in a lengthy ‘more in sorrow than in anger’ editorial for The Telegraph. It followed a weeklong Hamlet act that left prime minister David Cameron gasping for the support of his slightly older one-time Eton classmate. Johnson couched his support for Brexit in terms of restoring democratic control to British voters, all while proclaiming his love for Europe and making the case for strong EU-UK relations in a post-Brexit world.
Be bold, Johnson urged British voters!
Now is not the time to ‘hug the skirts of Nurse in Brussels.’
‘Boris’ is one of a few British politicians known to voters by his first name, and his star power was enough to slam the British pound to a seven-year low Monday morning. Breaking ranks with most of the cabinet in David Cameron’s majority government, Johnson upended the Brexit battle, transforming what was already becoming a tough internal fight among Tories into an all-out struggle to dominate the post-referendum era. Continue reading The smart (and cynical) politics behind Boris’s Brexit decision