By Peter S. Goodman
April 1, 2019
LONDON — In the political realm, no one knows how Brexit’s long-running theater of the absurd will end. But for much of the business world, Britain’s departure from the European Union has effectively happened.
Nearly three years of uncertainty since the June 2016 referendum has forced companies to plan for the worst — the prospect that Britain could crash out of the bloc without a deal governing future relations. The twisting road to Brexit has already slowed economic growth, discouraged investment and damaged the reputation of the nation as a haven for commerce.
Global banks and other financial services companies are steadily shifting thousands of jobs and more than $1 trillion in assets to European cities to ensure that they are able to serve customers across the English Channel regardless of the rules that national regulators impose after Brexit.
Japanese automakers have scrapped plans to expand in Britain, in part because Brexit undermines the country’s virtues as a hub for European trade.