European Press Declares London ‘King of Finance’ Despite Brexit – Guido Fawkes

European Press Declares London ‘King of Finance’ Despite Brexit

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An interesting article in the well-respected Paris-based financial paper La Nouvelle Economiste this week sings the City of London’s praises despite Brexit. It notes that tens of thousands of city jobs did leave after the vote. As remainers said would be a prelude to the collapse of the city…

Instead the paper points out nothing of the sort has happened:

• Tory moves to encourage inward fintech movement especially through the Financial Services and Markets Act 2023 and Financial Services Strategy instantly put the UK as the second-largest fintech market in the world with €2.8 billion. Unicorns: Wise, Revolut, Monzo, and Checkout.com…
• London remains the second largest financial centre in the world behind New York and far ahead of European rivals. It also leads in venture capital…
• The EU’s Capital Markets Union is weak and has failed to see progress since 2014. EU member states not keen to expand beyond their national competencies…

The paper concludes: “While the EU struggles to speak with one voice, London is asserting itself as an agile, reformist center, more open than ever to global capital.” Not news to Brexiteers…

Hat-tip: Gully Foyle