U.K.'s Big Brexit Mistake on Financial Services

The transcript discusses the role of financial services in UK trade agreements, particularly in the context of Brexit. It highlights the initial oversight by Theresa May's government in prioritizing financial services and the subsequent realization of their importance. The discussion also covers the potential of European cities like Frankfurt and Paris to become financial hubs, and the challenges faced by the UK economy, which is heavily reliant on services, in establishing trade deals post-Brexit.

What was one of the initial mistakes made by Theresa May's government regarding financial services in Brexit negotiations?

• They immediately sought passporting rights.

• They prioritized financial services over car manufacturing.

• They downplayed the importance of financial services.

• They focused solely on trade with Australia.

Why did Theresa May initially downplay the importance of financial services?

• To avoid giving up bargaining leverage.

• To align with European Union policies.

• To focus on manufacturing sectors.

• To prioritize trade with the United States.

Which city is currently attracting the most back-office operations from London?

• Frankfurt

• Paris

• Amsterdam

• Dublin

Which city was once a major financial center in Europe and is now considered for relocation of financial services?

• Frankfurt

• Paris

• Amsterdam

• Dublin

What is a significant challenge for the British economy post-Brexit?

• Reducing reliance on financial services.

• Signing free trade agreements that include services.

• Increasing agricultural exports to Europe.

• Establishing manufacturing plants in Europe.

What is the primary economic base of the British economy?

• Agriculture

• Manufacturing

• Services

• Tourism

What was the impact of opening British markets to foreign car manufacturers?

• It resulted in increased tariffs on car imports.

• It caused a shift towards agricultural exports.

• It transformed the UK into a major car manufacturing center.

• It led to a decline in the British car industry.