As of 2021 UK financial firms lost access to the EU single market and now need regulatory equivalence to do business on the continent. Brexit really does mean Brexit for the City of London, writes John Ryan (LSE).

The former prime minister’s hollow catchphrase captured a fundamental truth—just not the one she thought it did.

"Rewarding Britain for its threats is simply inconceivable. Brexit means Brexit, it’s a self-inflicted wound.”

Michael Dougan is professor of European law at the University of Liverpool and dean of its law school and was talking (and answering questions) about the implications for Britain of the 23 June 2016 vote to leave the European Union. His title was ‘Brexit Means Brexit Means What Exactly?’.