London is currently the world leader for the clearing of all types of currency-denominated derivatives including the euro.
And the European Union want to take that business away?
The City (aka the money) will of course wring their hands at the loss of business and probably start kissing booties, butts, and backsides, like all wimps do.
Policies of appeasement never work with bullies.
I wonder if the moneyed suits actually know that?
We see that everyday with political correctness, multiculturalism, and religious tolerance.
i.e The constant kissing of the Muslim ring and the rise of terrorism within our borders.
The inevitable cost of the EU dumping them will happen anyway once they have their systems setup. So, what we need here is a quick lesson in power.
I suggest stop processing Euro transactions now, today!
What would happen then?
An instant black hole appears in the EU’s bottom line as the EU can’t possible handle those transactions immediately. Lesson learned, the only sort of hurt they can understand.
Thus it’ll make a point, that being:-
You can’t bully us mate and don’t forget, there are 1001 ways we can hurt you worse.
This is all about drawing battle lines prior to Brexit..
That and giving the EU a damn good slapping!