The post-Brexit fallout came faster than many had expected. On January 4, the first trading day of 2021, almost €6 billion of EU share trading left London for other European capitals.
Then earlier this month came the news that Amsterdam had overtaken London as Europe s biggest share trading centre, as daily volumes fell sharply in the City and surged in the Dutch capital.
In 2019, when the United Kingdom was still inside the European Union and its single market, 43% of trading in EU stocks took place in the UK. The first few weeks of this year have seen the proportion plunge to just 4%, according to analysis by the think tank New Financial.
But this isn t likely here Dr Joelle Grogan from Middlesex University London told Euronews: These agreements take years. On average, I think it is between three to four years of just negotiations and then typically, another two years to implement. What we are talking about with regard to Brexit, is negotiations in one year during the transition period, ratification now in less than a month, and implementation almost immediately. This creates huge issues in regards to legal certainty.
Ratification means that the trade deal needs to be signed off by all the key players involved.
What needs to happen in the UK?