00:00British GDP has taken a hit of about between 5% and 8%,
00:03depending on which calculations you make,
00:06since we left the European Union.
00:07That means everybody's paying more tax.
00:09There's less money for public spending
00:11because when the economy is smaller,
00:12the Treasury gets less revenue from taxpayers,
00:14companies and people.
00:16So I think if you rejoin the European Union,
00:19there'll be an economic boom.
00:20A lot of companies will invest more in the UK.
00:23Trade will increase, which creates wealth,
00:25creates more competition,
00:26creates pressure for productivity to rise.
00:30So there'll be an economic boom
00:31and tax revenues will go up.
00:33There'll be more money for public spending.
00:35If we rejoin the European Union,
00:36that'll be a boost to the European side of the city's business.
00:39So banking and investment banking and fund management
00:42would do more to increase their market share, I think.
00:46So it would be good for the City of London
00:49if we either rejoin the European Union
00:50or just the single market,
00:52which is another one of the options.
00:54There was a bit of an exodus because of Brexit.
00:56So quite a lot of American investment banks
00:58has almost shifted people from London to Paris
01:01or Amsterdam or Dublin or Frankfurt
01:05or other European financial centres.
01:07So some of those jobs would probably come back.
01:09So some have probably gone for good,
01:10but some would come back.
01:11So I think it'd be good for employment
01:13and good for profits in the City of London.
01:15Obviously, London is a massively multinational, multicultural city.
01:19If we rejoin, do you think it would come even more so again?
01:23Because it seems to have lost some of that since Brexit.
01:27There'll be more of a buzz in London, yes,
01:29because there'll be probably more people coming in from EU countries,
01:33which hasn't happened so much in the last 10 years.
01:36And do you think it would be a big gamble for him
01:37to go for what London would benefit from?
01:41I think it would be a big gamble,
01:42but he seems to be someone who's willing to take risks, hopefully.
01:45So I think there's a chance he'll go for it.
01:49We'll have to wait and see.
01:50We'll have to wait and see.
