Friday, September 14, 2018

Brexit kicks London off the Top Financial spot

Responding yesterday to a report from the Z/YEN Global Financial Centres Index announcing London has been overtaken by New York as the top Financial Centre, Liberal Democrat Leader Vince Cable said: 

"There is remarkable complacency in some parts of the City of London - and among Brexiter politicians - about their future and how they can adapt to Brexit no matter what. But they face intense competition from Asia, the US, and now mainland Europe. It's going to be an uphill struggle for the City to maintain its status as a world-leading financial centre.
 
“The Chequers white paper, already dismissed by both the EU and the hard-Brexiters, contained no serious proposals to safeguard the future of the financial sector. Meanwhile the increasing probability of a no-deal Brexit will accelerate financial services firms’ plans to shift activity abroad.

“There is a solution to this mess. The Liberal Democrats are fighting for a final say on the deal, with the option to remain in the EU. That is the only way to ensure that London’s financial sector continues to lead the global pack.”
 
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