— British politician Boris JohnsonToday that court victory lies in tatters, and the prospects for the London financial services industry are dire. Just over a year ago, British financial traders were celebrating a landmark court victory over their European rivals. British Chancellor of the Exchequer George Osborne hailed the ruling as “a major win for Britain” that preserved London’s place as Europe’s dominant financial center. British government leaders have been trying to put the best face on the consequences of withdrawal for the financial markets. Britain has maintained a $26-billion surplus in services trading with the rest of the EU; without that inflow, its overall services trading with the EU would show a $13-billion annual deficit.

Source: Los Angeles Times June 27, 2016 20:34 UTC