City of London Hit Harder Than Rest of Economy Since Brexit Vote

The City of London, once considered the crown jewel of Britain’s dominant services sector, has performed even worse than the rest of the economy in the years following the Brexit referendum.

Financial and insurance output has grown just 2.8% since the decision to leave the European Union in June 2016, Bloomberg analysis of official data shows. That is much slower than the 10% increase in overall gross value added, which itself reflects only anemic growth for the wider economy across nearly a decade.