rom Wolf Street:
Among the core principles of the EU are the free movement of goods, capital, and people. Member States have benefitted to varying degrees. Britain – or rather the City of London – has benefited more than any other Member State from the free movement of capital. That speck of land within London has become one of the largest and murkiest financial centers in the world.
The institutions located there have been involved in nearly every major financial scandal and market rigging scheme discovered over the last few years. It’s so big that the British economy has become dependent on it. Any measures that other Member States suggest that might in anyway reduce the bonuses, wealth, and power of those involved in the Square Mile has been opposed with religious fervor by successive UK governments. For the UK, the free movement of capital rules.