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Digital Subscriptions > Prospect Magazine > Nov-18 > Policy report: The future of finance

Policy report: The future of finance

How will a post-Brexit City fit into the global economy?

Falling between three stools

As Anneliese Dodds, the shadow Treasury Minister, says overleaf, it would be a shame if Brexit led to a bonfire of financial regulation. It’s a sharp point, especially when you consider how many leading Brexiteers—Nigel Farage, Jacob Rees-Mogg, Douglas Carswell—along with the Leave campaign’s financial backers, have City backgrounds.

It’s ironic then that, as Nicky Morgan points out below, Brexit could end up weakening the City and that this would be a loss for Britain. Finance feeds business which in turn keeps the wider economy going. It’s worth remembering that Britain’s banks pay about £60bn a year in tax.

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In Prospect's November issue: Paul Collier explains how major cities in the UK will always be in the shadow of London unless capitalism is overhauled and suggests ways that we might be able to improve the situation in those communities that capitalism has left behind. Meanwhile, Steve Bloomfield asks what is going at the Foreign Office. The once great institution that was a symbol of Britain’s global power now seems to be lost and unable to explains its role. Also, Samira Shackle explores a Pakistani protest movement that is unnerving the country’s military. Elsewhere in the issue: Dahlia Lithwick suggests that the Supreme Court will struggle to retain its authority now that Brett Kavanaugh is on the bench. Philip Ball argues that DNA doesn’t define destiny as he reviews a new book by Robert Plomin. Yasmin Alibhai-Brown and Simon Heffer debate political correctness.