But other than that, the PM would have been delighted. In the press conference that followed their Oval Office meeting, there were no bombshells: Trump managed to get through it without insulting an entire ethnic group, trashing a democratic norm or declaring war, any of which might have diverted attention from Mays big moment. He was on best behaviour, diligently reading the script that had been written for him, attesting to the deep bond that connects Britain and the US. May received all the assurances she craved that her countrys relationship with the US remains special. Why, he even, briefly, took her hand.
However, these are not normal times. May and her team will be pleased with the optics and indeed some of the substance artfully, May got Trump to confirm, on camera, that he is 100% behind Nato but the underlying truth is that this dash to Washington was mortifying.
While European cities led by Paris and Frankfurt wage campaigns for Londons financial business, some experts predict New York could benefit most of all from the fallout of Brexit on the UK capital
New York and London function as two prongs of one global economy. Banks and other financial companies headquartered in New York usually have their second biggest offices in the British capital, and vice versa.
For years, thats made economic sense. For London-based companies, New York provides an unparalleled density of financial firms, a regulatory framework in which to do business, and access to non-European markets. London provides much of the same for New York-based companies who need access to European markets.
Unfortunately for London, at least Brexit could change all of that: an isolated UK could mean financial firms would have a hard time accessing and doing business with other European markets. And while several EU rivals, from Frankfurt to Paris to Madrid to Amsterdam, are waging campaigns for Londons financial businesses, New York with its already established financial sector and finance-friendly regulatory environment could get the majority of Brexits financial runoff, according to some experts.
And this has New Yorkers bracing for a wave of British capital that could affect not only the financial industry but the entire city, from cultural production to housing.
People financial people, consultants, bankers already started calling looking for apartments two or three months ago, says Gennady Perepada, a real estate consultant who specialises in helping foreign millionaires and billionaires buy apartments in New York. Any problem thats not in New York is good for New York.
London and New Yorks financial industry rivalry goes back decades, and the two cities jockey for the title of biggest financial centre each year. According to Z/Yen, a London-based business think tank, London currently outranks New York by just one point on their scale. The next financial centre, Singapore, is 42 points behind New York.
Though the Leave vote hit share values hard, many have recovered. But other sectors of the economy will be counting the cost for years
The overall impact of the historic referendum that saw the UK unexpectedly vote to leave the European Union has so far, in the space of a month, been less severe than some of the more apocalyptic warnings had suggested. But there have been winners and losers across the economy.
Sterling went on a rollercoaster ride on referendum night, ending up down 8% against the dollar as the results confirmed a victory for the Leave camp. Since then, its decline has continued and the pound is now at levels not seen since 1985, having lost about 12% against the US currency. Compared with the euro, the pound has fallen by 9% since the vote and is at a three-year low making holidays in euroland more expensive.
The decline comes as investors worry about weakness in the UK economy and the prospect of interest rate cuts to boost demand. This month the Bank of England left rates on hold but said most members of its monetary policy committee expected a cut in August if the economy did not improve.
The weak pound is a boon to exporters but will make imported goods more expensive. On Thursday, Unilever the business behind brands including Dove, Flora, Bertolli, Hellmans and Persil became the first major food and consumer goods company to warn that companies were likely to pass on increased costs to customers.
Markets were caught by surprise by the Leave result and a record $2tn was wiped off the value of global shares. But since then, there has been something of a recovery, particularly for the FTSE 100, which has regained all lost ground and more, and is currently at 11-month highs. However, the leading UK index is chock-full of companies with international operations, which are less exposed to any slump in the UK economy, and which earn in dollars, thus gaining from the new lower exchange rate.
Markets have also been lifted by bargain hunters who believed valuations had fallen too far, as well as by the quick resolution to the political crisis threatening to engulf the government following Theresa Mays appointment as prime minister.
However, the mid-cap FTSE 250, which is more exposed to the UK economy than the 100 index, has yet to reach the level it was sitting at before the referendum result, despite recovering more than 13% from its lows. It is now down 2% from its pre-Brexit level.
There has been a spate of profit warnings from estate agents, and many are making gloomy forecasts for the rest of the year. Agents in some upmarket parts of London have reported a bounce in interest from overseas buyers keen to take advantage of weak sterling, but for the mainstream market there are signs both interest and price growth have cooled.
On Friday, LSL, Britains second-biggest estate agent group owner of Your Move and Marsh & Parsons among others said business had slowed since the vote and warned that its annual profits would be significantly lower than anticipated. London-focused Foxtons issued a similar warning in late June.
Forecasts for the rest of the year are for falling interest from buyers and price drops, particularly in the most expensive parts of the market. French bank Socit Gnrale said last week that a price correction of even 40-50% in the most expensive London boroughs could be possible.
The Royal Institution of Chartered Surveyors (Rics) says its members expect sales to slump over the summer, because buyer inquiries fell significantly in June. Ricss findings were cited by the Bank of England when it announced that it was revising down its forecast for price rises.
Shares in housebuilders lost around 40% of their value in the immediate aftermath of the Brexit vote, with investors worried that an economic slowdown in the UK would hit their business, despite the country seeing record low interest rates.
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