The City will thrive as it adapts in the post-Brexit age. That is the prediction proffered this week by Rishi Sunak, the chancellor. His message is only slightly more subdued than the prime minister’s assurance on Christmas Eve that the trade deal with the EU will enable the City to “get on and prosper as never before”. Are they right? Well, up to a point. The City is disadvantaged by the Brexit deal, but it has inherent strengths that mean it will remain a global centre of finance. The wider question is how far this will benefit the rest of us. And on that point, there are grounds for scepticism.
The activities conducted in the square mile known as the City of London are one