Mervyn King: Markets Reacting to U.K. Political Turmoil

The video discusses the implications of the Brexit referendum, emphasizing that immediate changes in trade terms will not occur for at least two years. It highlights the political turmoil and uncertainty affecting financial markets. The discussion also covers the future of UK banking, suggesting that while some banks may establish new subsidiaries in the EU, London's status as a financial center is unlikely to change significantly. The video concludes by addressing the political uncertainty due to the lack of a new Prime Minister and its impact on market volatility.

What does the speaker suggest about the future status of London as a financial center?

What political situation is described as contributing to volatility in financial markets?