Less regulation means more business for the City, right? It’s not that simple | Dan Davies

A post-Brexit Big Bang 2.0' is the last thing finance needs: the rules are what make London an attractive place to do business

• Dan Davies is an investment banking analyst

Being a specialist in financial services regulation is a great way to make sure you never talk about your job at parties. It's complicated and it's boring and the only times it's ever in the news are exactly the times when everyone hates you because something has gone badly wrong. Nevertheless, it's important, and it ought to be in the news a bit more at the moment, because one of the UK's biggest industries, in terms of output, employment and (yes) tax revenue is under serious threat.

After more than 20 years in this business, I've come to the conclusion that almost nobody understands the single most important thing about the City of London from an economic point of view. And that's that regulation isn't a constraint on the financial sector - it's a vital commodity input.

Dan Davies is an investment banking analyst