Among the matters at stake in those talks, which began in Brussels last Monday, is whether London can maintain its status as a global hub for finance after Brexit or be forced to watch as business flows to the continent or New York. Such an exodus would jeopardise an industry responsible for nearly a 10th of the economy and some 1.1 million jobs. “There will be a lot of political pressure to get as much of the finance industry moved to the EU as possible,” said Tom Kirchmaier, a fellow in the financial-markets group at the London School of Economics. “The big question will be what the final role of the City will be in Europe.”

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