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Should a Brexit take place, how much business would move would depend on the terms of the new relationship between the UK and EU. However, rival financial centres are already positioning themselves to benefit if business does leave the city.
Two weeks ago, Paris’s financial elite hosted a conference where they promised to “roll out the red carpet” for London’s bankers. On Monday, the chief executive of Euronext warned that jobs would move to Dublin, Paris or Amsterdam if Britain left the EU.