The good news is that the new Government is already listening to easyJet, Ryanair and BA owner IAG. The latter two being based in Ireland and Spain may have less to fear than easyJet, but they still support Britain’s being included in the aviation accord.
Theresa May and Angela Merkel’s first press conference last night showed welcome signs that both leaders are prepared to take time and be pragmatic about Brexit.
Uncertainty is bad news for easyJet as the 30% fall in its share price since polling day shows.
It would be good if the EU and the Government got on and agreed those things on which they should agree — such as aviation — quickly and then went on to negotiate those things on which they will undoubtedly disagree later.
Not ‘über alles’
Even with my non-existent German I can understand the headline blasted on today’s press release from the country’s financial centre: Finanzplatz Frankfurt ist großer Profiteur eines Brexits.
Not quite Deutschland über alles, but pretty aggressive all the same. Apparently 95% of financiers surveyed by Frankfurt Main Finance believe the city will be the major winner from Brexit.
More than half of them believe that the European Banking Authority will move from London to Frankfurt.
That’s the same EBA which is currently wrestling with continued banking crises in Italy and Greece.
Meanwhile, in London we have the Bank of England’s Prudential Regulation Authority, which runs stricter stress tests and demands higher capital ratios than they do in the eurozone.
If you are in America or Asia where would you still prefer to bank? Frankfurt or London. No contest.
