As I stepped out of the train I felt unusually solitary, since I was the only passenger. I was accustomed to arriving in the summer, when holiday-makers throng coastal resorts, and this was my first visit when the season was over. My destination was a little village eight miles distant by the road, but only four if you took the cliff path over the moor. This I always did, unless it was raining; and I left my luggage at the bus office beside the railway station, to be conveyed for me on the next bus, so that I could enjoy my walk unhampered by a suitcase. It took me only a few minutes to come to the foot of the cliff path. Halfway up I paused to enjoy the sight of the purple hill’s stretching away to my right and to my left the open sea. When I reached the top I had left all signs of habitation behind me. The moorland turf was springy under my feet, the air was like wine and I felt rejuvenated and intoxicated with it. Glancing seaward a minute or two later, I was surprised to notice that the sky was already aflame with the sunset. The air grew perceptibly cooler and I began to look forward to the delectable hot meal I should have when I reached the inn. It seemed to be getting dark amazingly quickly. I did not think that I had walked unduly slowly and I was at a loss to account for the exceptionally early end of daylight, until I recollected that on previous visits I had walked in high summer and now it was October and the nights were drawing in.
All at once it was night. The track was grassy and even in daylight showed up hardly at all against the moor, so it was difficult to keep on it now. If only I had been a smoker with matches always to hand, or if my torch had been in my pocket instead of in the suitcase, I could have walked with more assurance. As it was, I was terrified of hurling over the edge of the cliff to the rocks below. When I did stray, however, it was towards the hills. I felt my feet squelching and sticking in something soggy. There was no bog to my knowledge near the track, so I must have wandered a long way off my course. I extricated myself with difficulty and very cautiously edged myself towards the sound of the sea. Then I bumped into a little clump of trees that suddenly loomed up in front of me. This was providential rest and shelter until the moon rose. I climbed up the nearest trunk and managed to find a tolerably comfortable fork in which to sit. The waiting seemed interminable and was relieved only by my attempts to identify the little stirrings and noises of animal life that I could hear. I grew colder and colder and managed to sleep only in uneasy, fitful starts, waking when my position got cramped. At last, when the moon came up I discovered that I was not more than fifty yards from the track and I was soon on my way again.
The writer found it difficult to keep to the path because of

As I stepped out of the train I felt unusually solitary, since I was the only passenger. I was accustomed to arriving in the summer, when holiday-makers throng coastal resorts, and this was my first visit when the season was over. My destination was a little village eight miles distant by the road, but only four if you took the cliff path over the moor. This I always did, unless it was raining; and I left my luggage at the bus office beside the railway station, to be conveyed for me on the next bus, so that I could enjoy my walk unhampered by a suitcase. It took me only a few minutes to come to the foot of the cliff path. Halfway up I paused to enjoy the sight of the purple hill’s stretching away to my right and to my left the open sea. When I reached the top I had left all signs of habitation behind me. The moorland turf was springy under my feet, the air was like wine and I felt rejuvenated and intoxicated with it. Glancing seaward a minute or two later, I was surprised to notice that the sky was already aflame with the sunset. The air grew perceptibly cooler and I began to look forward to the delectable hot meal I should have when I reached the inn. It seemed to be getting dark amazingly quickly. I did not think that I had walked unduly slowly and I was at a loss to account for the exceptionally early end of daylight, until I recollected that on previous visits I had walked in high summer and now it was October and the nights were drawing in.
All at once it was night. The track was grassy and even in daylight showed up hardly at all against the moor, so it was difficult to keep on it now. If only I had been a smoker with matches always to hand, or if my torch had been in my pocket instead of in the suitcase, I could have walked with more assurance. As it was, I was terrified of hurling over the edge of the cliff to the rocks below. When I did stray, however, it was towards the hills. I felt my feet squelching and sticking in something soggy. There was no bog to my knowledge near the track, so I must have wandered a long way off my course. I extricated myself with difficulty and very cautiously edged myself towards the sound of the sea. Then I bumped into a little clump of trees that suddenly loomed up in front of me. This was providential rest and shelter until the moon rose. I climbed up the nearest trunk and managed to find a tolerably comfortable fork in which to sit. The waiting seemed interminable and was relieved only by my attempts to identify the little stirrings and noises of animal life that I could hear. I grew colder and colder and managed to sleep only in uneasy, fitful starts, waking when my position got cramped. At last, when the moon came up I discovered that I was not more than fifty yards from the track and I was soon on my way again.
When he settled himself on the fork of the tree the writer ______

As I stepped out of the train I felt unusually solitary, since I was the only passenger. I was accustomed to arriving in the summer, when holiday-makers throng coastal resorts, and this was my first visit when the season was over. My destination was a little village eight miles distant by the road, but only four if you took the cliff path over the moor. This I always did, unless it was raining; and I left my luggage at the bus office beside the railway station, to be conveyed for me on the next bus, so that I could enjoy my walk unhampered by a suitcase. It took me only a few minutes to come to the foot of the cliff path. Halfway up I paused to enjoy the sight of the purple hill’s stretching away to my right and to my left the open sea. When I reached the top I had left all signs of habitation behind me. The moorland turf was springy under my feet, the air was like wine and I felt rejuvenated and intoxicated with it. Glancing seaward a minute or two later, I was surprised to notice that the sky was already aflame with the sunset. The air grew perceptibly cooler and I began to look forward to the delectable hot meal I should have when I reached the inn. It seemed to be getting dark amazingly quickly. I did not think that I had walked unduly slowly and I was at a loss to account for the exceptionally early end of daylight, until I recollected that on previous visits I had walked in high summer and now it was October and the nights were drawing in.
All at once it was night. The track was grassy and even in daylight showed up hardly at all against the moor, so it was difficult to keep on it now. If only I had been a smoker with matches always to hand, or if my torch had been in my pocket instead of in the suitcase, I could have walked with more assurance. As it was, I was terrified of hurling over the edge of the cliff to the rocks below. When I did stray, however, it was towards the hills. I felt my feet squelching and sticking in something soggy. There was no bog to my knowledge near the track, so I must have wandered a long way off my course. I extricated myself with difficulty and very cautiously edged myself towards the sound of the sea. Then I bumped into a little clump of trees that suddenly loomed up in front of me. This was providential rest and shelter until the moon rose. I climbed up the nearest trunk and managed to find a tolerably comfortable fork in which to sit. The waiting seemed interminable and was relieved only by my attempts to identify the little stirrings and noises of animal life that I could hear. I grew colder and colder and managed to sleep only in uneasy, fitful starts, waking when my position got cramped. At last, when the moon came up I discovered that I was not more than fifty yards from the track and I was soon on my way again.
The writer felt unusually solitary because

As I stepped out of the train I felt unusually solitary, since I was the only passenger. I was accustomed to arriving in the summer, when holiday-makers throng coastal resorts, and this was my first visit when the season was over. My destination was a little village eight miles distant by the road, but only four if you took the cliff path over the moor. This I always did, unless it was raining; and I left my luggage at the bus office beside the railway station, to be conveyed for me on the next bus, so that I could enjoy my walk unhampered by a suitcase. It took me only a few minutes to come to the foot of the cliff path. Halfway up I paused to enjoy the sight of the purple hill’s stretching away to my right and to my left the open sea. When I reached the top I had left all signs of habitation behind me. The moorland turf was springy under my feet, the air was like wine and I felt rejuvenated and intoxicated with it. Glancing seaward a minute or two later, I was surprised to notice that the sky was already aflame with the sunset. The air grew perceptibly cooler and I began to look forward to the delectable hot meal I should have when I reached the inn. It seemed to be getting dark amazingly quickly. I did not think that I had walked unduly slowly and I was at a loss to account for the exceptionally early end of daylight, until I recollected that on previous visits I had walked in high summer and now it was October and the nights were drawing in.
All at once it was night. The track was grassy and even in daylight showed up hardly at all against the moor, so it was difficult to keep on it now. If only I had been a smoker with matches always to hand, or if my torch had been in my pocket instead of in the suitcase, I could have walked with more assurance. As it was, I was terrified of hurling over the edge of the cliff to the rocks below. When I did stray, however, it was towards the hills. I felt my feet squelching and sticking in something soggy. There was no bog to my knowledge near the track, so I must have wandered a long way off my course. I extricated myself with difficulty and very cautiously edged myself towards the sound of the sea. Then I bumped into a little clump of trees that suddenly loomed up in front of me. This was providential rest and shelter until the moon rose. I climbed up the nearest trunk and managed to find a tolerably comfortable fork in which to sit. The waiting seemed interminable and was relieved only by my attempts to identify the little stirrings and noises of animal life that I could hear. I grew colder and colder and managed to sleep only in uneasy, fitful starts, waking when my position got cramped. At last, when the moon came up I discovered that I was not more than fifty yards from the track and I was soon on my way again.
“I left all signs of habitation behind me.” This means that he

As I stepped out of the train I felt unusually solitary, since I was the only passenger. I was accustomed to arriving in the summer, when holiday-makers throng coastal resorts, and this was my first visit when the season was over. My destination was a little village eight miles distant by the road, but only four if you took the cliff path over the moor. This I always did, unless it was raining; and I left my luggage at the bus office beside the railway station, to be conveyed for me on the next bus, so that I could enjoy my walk unhampered by a suitcase. It took me only a few minutes to come to the foot of the cliff path. Halfway up I paused to enjoy the sight of the purple hill’s stretching away to my right and to my left the open sea. When I reached the top I had left all signs of habitation behind me. The moorland turf was springy under my feet, the air was like wine and I felt rejuvenated and intoxicated with it. Glancing seaward a minute or two later, I was surprised to notice that the sky was already aflame with the sunset. The air grew perceptibly cooler and I began to look forward to the delectable hot meal I should have when I reached the inn. It seemed to be getting dark amazingly quickly. I did not think that I had walked unduly slowly and I was at a loss to account for the exceptionally early end of daylight, until I recollected that on previous visits I had walked in high summer and now it was October and the nights were drawing in.
All at once it was night. The track was grassy and even in daylight showed up hardly at all against the moor, so it was difficult to keep on it now. If only I had been a smoker with matches always to hand, or if my torch had been in my pocket instead of in the suitcase, I could have walked with more assurance. As it was, I was terrified of hurling over the edge of the cliff to the rocks below. When I did stray, however, it was towards the hills. I felt my feet squelching and sticking in something soggy. There was no bog to my knowledge near the track, so I must have wandered a long way off my course. I extricated myself with difficulty and very cautiously edged myself towards the sound of the sea. Then I bumped into a little clump of trees that suddenly loomed up in front of me. This was providential rest and shelter until the moon rose. I climbed up the nearest trunk and managed to find a tolerably comfortable fork in which to sit. The waiting seemed interminable and was relieved only by my attempts to identify the little stirrings and noises of animal life that I could hear. I grew colder and colder and managed to sleep only in uneasy, fitful starts, waking when my position got cramped. At last, when the moon came up I discovered that I was not more than fifty yards from the track and I was soon on my way again.
It became darker than the writer expected because

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

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

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.
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.
Why is being a part of the ‘Single Market’ so important for Britain?

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.
Which of the 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 other EU nations.
III. There may be a shift of people from Britain to other nations in the EU.

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