The Guardian is reporting that the President of the Bundesbank, Germany’s central bank, Jens Weidmann, has warned that a hard Brexit will damage the global standing of the City of London as a financial hub. Mr Weidmann noted that the hard Brexit option would lead to banks being stripped of their ability to do business across the EU. Much of the issues Mr Weidmann discusses in his interview relate to passporting rights and how the removal of free movement will hurt the City’s popularity with financial industries.

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