Most capital is raised in London and will continue to be.
So long Barnier, and thanks for all the fish.
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Most capital is raised in London and will continue to be.
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Yet UK were offering EU a three year (financial markets access) transition period in the event of a No Deal, whereas EU are offering no such Equivalence transition period in the event of a No deal.
If UK firms can't operate in EU, their ability to operate will be severely reduced. UK understand the importance of passporting arrangements.
These passports are based on the single EU rulebook for financial services and are therefore not available for firms based in countries outside of the EU and the EEA. Non-EU firms face significant regulatory barriers to providing cross-border banking and investment services to customers and counterparties in many EU Member States.
https://www.bba.org.uk/wp-content/uploads/2016/12/webversion-BQB-3-1.pdf
So in a No Deal, EU will bring down the curtain on free unfettered trade between UK and EU.https://www.bba.org.uk/wp-content/uploads/2016/12/webversion-BQB-3-1.pdf
but damaged by brexit, which has led to New York overtaking London......must be another of those brexit bonuses
New York has surged further ahead of London as the world’s top financial centre and Asian hubs like Hong Kong and Singapore are gaining ground as Brexit uncertainty undermines confidence in the capital, a survey has found.
Only a third of senior bankers and asset managers now see London as the most important city for financial services, a precipitous decline of more than 20 percentage points in the last two years.
While the City’s star has fallen, Wall Street has taken advantage, with 56 per cent of respondents now regarding New York as the top finance hub – up from 33 per cent since 2018.
As Britain prepares to leave the EU this week, the poll of 245 financial services figures by consultants Duff & Phelps points to a challenging future for the City
The really fantastic thing about the Omnishambles, with Buffoon swearing there will be no extension, and 116 days to go, with our government softening us up for the cliff-edge by telling us that no-deal is no big problem, is that nobody in government or in business knows what terms we will be working under.
Be prepared?
Nobody knows what for.
Be prepared?
Nobody knows what for.
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[/QUOTE
You forgot to post the rest of that article...
Despite the increasingly bleak sentiment about London’s future, its financial sector is still expanding at a healthy clip, at least on some measures.
The UK’s net exports of financial and related professional services grew by around 5 per cent to an estimated £82.8bn in 2018, up from £79bn in 2017.
In currency markets, London has consolidated its dominant position, accounting for 43 per cent of global foreign exchange revenues last year.
but damaged by brexit, which has led to New York overtaking London......must be another of those brexit bonuses
New York has surged further ahead of London as the world’s top financial centre and Asian hubs like Hong Kong and Singapore are gaining ground as Brexit uncertainty undermines confidence in the capital, a survey has found.
Only a third of senior bankers and asset managers now see London as the most important city for financial services, a precipitous decline of more than 20 percentage points in the last two years.
While the City’s star has fallen, Wall Street has taken advantage, with 56 per cent of respondents now regarding New York as the top finance hub – up from 33 per cent since 2018.
As Britain prepares to leave the EU this week, the poll of 245 financial services figures by consultants Duff & Phelps points to a challenging future for the City
You forgot to post the rest of that article...
Despite the increasingly bleak sentiment about London’s future, its financial sector is still expanding at a healthy clip, at least on some measures.
The UK’s net exports of financial and related professional services grew by around 5 per cent to an estimated £82.8bn in 2018, up from £79bn in 2017.
In currency markets, London has consolidated its dominant position, accounting for 43 per cent of global foreign exchange revenues last year.
You forgot to read the salient part: damaged by brexit, which has led to New York overtaking London
We will do just fine.
So you've downgraded Brexit from "great opportunity" down to damage limitation.
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We all understand the level of knowledge of your posts Ryler
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£20bn of which will be wiped off in the event of a NO Deal
That's 25% of business gone in the spate of one day, by self-inflicted economic damage!
£20bn worth of business that will go elsewhere.
Well it's been reported that borisconi and goebbels are about to wreck the tiny bit of credibility that the UK allegedly had left on the world stage...
By ripping up the EU withdrawal agreement, and betraying the good friday agreement with all the possible consequences of that!
If this comes about, any country/trading bloc would be mad to do a deal with a UK run by nutters that renege on deals at a whim!
By ripping up the EU withdrawal agreement, and betraying the good friday agreement with all the possible consequences of that!
If this comes about, any country/trading bloc would be mad to do a deal with a UK run by nutters that renege on deals at a whim!
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