Several of the City of London's most prominent voices have warned leaders of the European Union (EU) and the U.K. that New York is set to be the winner from Brexit unless they avoid mutually destructive negotiations over the future of the U.K.'s financial sector.
The message, which has been repeated throughout the week, served as a thinly veiled warning to EU leaders that unless they co-operate with the U.K. in working towards the least damaging outcome for Brexit, the trading bloc also stands to lose significantly, rather than be well-positioned to benefit from the potential loss of U.K.-based firms' so-called passporting rights.
The sharpening of rhetoric can be seen as an attempt to position the EU and the U.K. on the same team as Brexit negotiations proceed, rather than as enemies on opposite sides of the table.
It comes on the back of antagonistic messages from leaders, such as EU Council President Donald Tusk, who said last week the only options facing the U.K. were a "hard Brexit" or "no Brexit" and European Commission President Jean-Claude Juncker who affirmed the EU would be "intransigent" in its dealings with Britain.