Barely a day has passed since the UK voted to leave the European Union without the release of a new study into its implications for the City. At first the reports were a useful insight into the June vote’s repercussions. But the novelty has quite quickly worn off – and the negative implications are getting serious.

In January alone, trade association TheCityUK published two reports analysing the future of UK financial services post-Brexit, the Association for Financial Markets in Europe released a study in conjunction with consultancy PwC, the research group the Financial Services Negotiating Forum published a paper on mutual market access together with law firm Norton Rose Fulbright, and PwC and the Confederation of British Industry released the results of a survey of downbeat financial services firms.