1.
Which of following could be a possible consequence of businesses moving out of Britain?
I. The nation would probably lose some of its assets.
II. This would temporarily increase business opportunities for or EU nations.
III. There may be a shift of people from Britain to or nations in EU.

Only I Only III Only I and II All of the above

Hint Answer

2.
What does author mean by statement- For much of City, Brexit happened sometime last year?

Brexit took place last year with the announcement made by the Prime Minister. People were willing to prepone Brexit due to increase in business. Most of the city had started preparing for Brexit since last year. None of the above

Hint Answer

3. Comphrensive Passage :

Directions: Read the passage carefully and answer the questions that follow:

A well-known stock market sell signal is a company splurging on flashy new headquarters. It might then be time to go short the City of London. From the Shard, the tallest building in the European Union, the view is of a crowded skyline of fellow concept skyscrapers. There is the Gherkin, the Cheesegrater, the Walkie Talkie and, rising in their midst, 22 Bishopsgate, which will be the Square Mile’s tallest and most capacious tower. The building frenzy is even accelerating. Londoners are waiting to hear if the 1,000-foot Tulip—with a design that many contend is more phallic than floral—will be approved.

None of this suggests a financial centre bracing for Britain’s departure from the European Union. But as soon as Theresa May, the prime minister, made leaving the single market a “red line” after the Brexit referendum in 2016, it seemed likely that the City would be sundered from its biggest foreign market. Regulators on both sides of the Channel scrambled to ensure business continuity and financial stability. British firms were asked to draw up contingency plans, including opening hubs in the EU27. For much of the City, Brexit happened sometime last year.

According to New Financial, a think tank in London, 291 big financial firms have moved some activities or people to the EU 27, or opened legal entities there. Many contingency plans were triggered before March 29th, when Brexit was supposed to have happened. In the run-up to the extended deadline of October 31st, a wave of staff and their families will head off to new digs, offices and schools.

The moves do not seem hasty. Though Brexit’s final form is unclear, only the softest of departures would keep Britain in the single market. And nothing short of that would safeguard “passporting” rights for City firms. These allow financial firms in any EU country to sell in any other and matter hugely in banking and asset management. In 2016, 5,476 firms based in Britain used 336,421 passports to sell in the EU. Around 8,000 firms in the European Economic Area, where much of the EU’s writ runs, used 23,535 of them to offer services in Britain.

Financial services account for 6.5% of Britain’s economic output and 11% of its tax revenue. The sector and its ecosystem of lawyers, consultants, lobbyists and the like employ 2.2m people, not only in the wealthy centres of the Square Mile, Canary Wharf and Edinburgh but also in places like Cardiff and Bournemouth. Yet Britain’s negotiators have treated the industry as a sideshow.

The government took the view that the City is strong enough to cope, and made little effort to keep passporting, which would have meant blurring Mrs May’s red lines. Nor did it press hard for “mutual recognition”, in which the EU would accept Britain’s rules as a basis for future trading as long as they did not diverge too much. The City is likely instead to be left with “equivalence”, a piecemeal status that the EU sometimes grants to third countries.

4.
What does author mean by statement- Yet Britains negotiators have treated industry as a sideshow?

The government has not taken any steps to prevent business from going outside Britain. The government thought Brexit would have no impact whatsoever on its financial services Industry. The EU negotiators have sidelined the financial services Industry in favour of others. None of the above

Hint Answer

5.
Which of following is most similar in meaning to word capacious as mentioned in passage?
I. Abundant
II. Delightful
III. Frenzied
IV. Ample
V. Extensive

Only II and V Only I, IV and V Only I, II, III and V Only II, III, IV and V

Hint Answer

6.
Which of following is true as per passage?
I. Britain has been given piecemeal status by EU.
II. Britain has tried hard but failed to get mutual recognition from EU.
III. EU has accepted Britains rules as it did not diverge a lot from what it wants.

Only I Only III Only I and II None of the above

Hint Answer

7.
Why is being a part of Single Market so important for Britain?

It will help in maintaining selling rights for certain goods and services by British firms in other EU nations. It would lead to relatively better terms of departure for Britain. This would lead to no shifting of businesses from Britain to other parts of the EU. None of the above

Hint Answer

8.
Which of following steps were taken to ensure business continuity by British firms after Brexit?
I. Increase protests against decision to withdraw from EU.
II. Encourage building taller skyscrapers.
III. Open centres outside Britain in or parts of EU.

Only II Only III Only I and II Only II and III

Hint Answer

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All of the above

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None of the above

Only I, IV and V

None of the above

None of the above

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