Editor’s Notes: The City is right to warn the EU against its own Brexit complacency, UBS’s forecasting woes and Xavier Rolet’s agricultural insight The calls to legalise cannabis are growing stronger – even former Tory leader William Hague thinks it’s high time for a change. Still, imagine my surprise to find my walk over London Bridge yesterday morning clouded by an unmistakable smell. I thought I was cracking up, but soon clocked a smartly dressed City slicker undistinguishable from other commuters were it not for the massive joint he was smoking. Is this what people mean when they talk of liberalising City regulations?Xavier Rolet’s agricultural insightMost City-types on Twitter stick to their brief, rarely straying much beyond currency movements, central banking or share tips. Nice then, to see Square Mile wonk William Wright ask his Twitter followers why, having clocked the agricultural landscape on a flight back from Vienna, the fields were arranged in long, thin strips. Step forward Xavier Rolet, former LSE CEO, to explain: “the strips allow for crop rotation & diversification, offering a modicum of resistance to erosion…” Thanks, Xavier.Charlie Elphicke pays attention to City A.M.Before becoming a minister, Tory MP Steve Baker was an invaluable asset to parliament’s Treasury Select Committee, often catching Bank of England officials and regulators off-guard with his own original thinking on economic theory. He even used to wave the occasional copy of City A.M. at Mark Carney to make his point. This tradition seems to have been picked up by Charlie Elphicke, who quoted us at length when grilling new MPC member Jonathan Haskel, noting that we offer more reliable guidance on rate rises than the Bank of England itself.UBS’s forecasting woesSpare a thought for UBS, which claimed that their sophisticated modelling had concluded that Germany were the favourites to win the World Cup. Ten-thousand simulations and many hours of analysts’ work had gone into the prediction, which crumbled faster than a German fan watching Tuesday night’s game against South Korea. Incidentally, UBS once claimed 1,000 staff would leave London as a result of Brexit. They since revised this prediction to 250. Tricky game, forecasting. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHealth Care10 Ways You Never Knew You Could Eat AvocadoHealth CareWeniixTop 5 best family SUVs of 2021 – WENIIXWeniixCookingAmour10 Delicious Freezer Meal Recipes to Dump into the Slow Cooker.CookingAmourAll Day Home Warning! 10 Subtle Signs of Kidney Diseases that Should Never Be IgnoredAll Day Home BeautifulTrendsTodayMan Turns A Bus Into A Dream Home, Take A Look InsideBeautifulTrendsTodayBest-journal.xyzTop 20 Of The Most Heavenly Beaches In The WorldBest-journal.xyzHealthline: Medical information9 SuperFoods To Prevent Heart Disease And Reduce Heart Attack RiskHealthline: Medical informationEveryday WellnessScience Explains What Happens To Your Body When You Eat Two Bananas A DayEveryday Wellnessaskforfunding.comAngel Investors – Get Funding. Post a Funding Request Today.askforfunding.com The heat is rising in the City, and not just because of the recent heatwave.On Wednesday, the normally mild-mannered chief of TheCityUK, the finance industry’s main lobby group, unleashed his frustration at EU regulators over their failure to meet the UK halfway on securing a legal basis for the continuation of cross-border contracts post-Brexit. Christian May Share whatsapp whatsapp Friday 29 June 2018 10:12 am After the Bank of England warned that derivative contracts with a notional value of £96 trillion are under threat, Miles Celic fumed “the biggest barrier to addressing this issue is the EU regulators’ failure to accept and get to grips with the risk”. Celic has been the City’s cool head on Brexit, but it seems even his patience is wearing thin.He remains diplomatic, but make no mistake: the City feels keenly that it has done its part to ensure financial stability post-Brexit, whereas EU regulators appear to be dragging their feet.Whether this is due to incompetence or a misguided political strategy, is up for debate, but whatever the cause it is remarkable, and alarming, that (to quote Mark Carney) “the EU has not yet indicated their solution to these fundamental issues” – not least because a failure to agree on a technical solution “would be expected to have more material impacts on the costs and availability of finance on the continent”.In other words, refusing to cooperate on a framework of mutual interest will hurt EU businesses and member states more than it hurts us. Little wonder, therefore, that the association of German asset managers has said that “proper and unobstructed” access to London is crucial to their sector.One of the reasons why London is the world’s number one financial centre is because its regulators and policy-makers are hugely experienced. They know what they’re talking about, and their EU counterparts would do well to engage with the Bank’s proposed “rock solid solution” – or they’ll most likely live to regret it.Is the City going to pot?