Brexit won’t bother the City – but everyone else should worry

No manufacturer would begrudge the Bank of England’s efforts to save us from another 2008-style credit crunch. Threadneedle Street is merely doing its job and everybody knows it started with the advantage that the EU needs access to London’s banks. But the outcome is a comfort blanket for the City – London is on its way to becoming a “free port”, Simon Jenkins argued in this paper last week – and next to nothing for the rest of the economy.