2. Competitiveness

According to the annual Global Financial Centres Index, the City scores 800 points out of 1,000 for competitiveness. Its closest European rivals are Luxembourg in 15th place, with 698 points, and Frankfurt in 19th place, with 689 points.

Financial firms such as the hedge fund Skybridge Capital and the bank Wells Fargo (which recently announced it will invest nearly $400 million in a new London office) will continue to take advantage of the UK’s competitiveness, and the vast majority of UK-based fund managers say they will stay on.

3. Red tape

Brexit gives the UK a chance to avoid burdensome legislation, which can be distorting and ridiculous. The tax on bankers’ bonuses, for example, has had the effect of driving up salaries and, according to the Bank of England, making both banks and the financial system more fragile.