British Downturn Predicted as Europe Seeks London Replacement
There’s only so much he can do. Bank of England chief Mark Carney says he’ll do whatever it takes — i.e., monetary stimulus — to support post-Brexit growth during what he predicts will be a difficult economic time, while today the pound continues to tumble. Britain’s ruling Conservatives are now engaged in political drama that could see anti-immigration Home Secretary Theresa May emerge as prime minister in September. Meanwhile, Europe’s on the hunt for a new financial capital, with Paris, Dublin and Frankfurt all vying for business.