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Brexit news: ‘Macron threats’ spurred London focus on being world’s top financial centre | City & Business | Finance

The UK formally left the European Union on January 1, 2021 after a final trade agreement was signed between the two sides. It followed several months of tense and often bitter negotiations. But following the landmark Brexit referendum in June 2016, several predictions had been made that tens of thousands of financial services jobs could leave Britain. There were fears of a mass exodus of businesses from the City of London as the UK is now outside the EU and is now unaware of some of the financial benefits it may have received.

But new data from Ernst and Young’s (EY) Financial Services Brexit Tracker shows that the predicted corporate exodus has not materialized — with new workforce displacement forecasts actually being revised downwards.

The total number of Brexit-related job relocations to Europe has now fallen to just under 7,400 – from 7,600 in December last year.

Daily Telegraph journalist Mutaz Ahmed believes the City of London has been given a significant boost by “threats” from the EU and French President Macron, among others.

The newspaper has posted a video on YouTube entitled ‘Why Britain should not regret Brexit’.

Ahmed says in the video: “Make no mistake, the City of London has always been innovative.

But it is because of the threats from the EU – threats from Brussels, threats from Macron and attempts to take business away from the City of London – that it is now really focused on creating the world’s most competitive financial capital. to make.”

Since the Brexit referendum in June 2016, just over 5,000 new finance workers have been linked to Brexit, with around 2,800 jobs across the continent and 2,200 in the UK.

According to the EY report, the relocation and relocation of offices or assets to Europe has remained “damped” over the course of this year.

READ MORE: Brexit Live: EU chief explodes at UK in furious attack

In addition, £32.4 billion was raised by listed companies offering more shares.

These figures put London ahead of rival exchanges, more than the exchanges of Amsterdam and Paris combined.

The group said in a statement that the results “replace the UK’s position as one of the major financial centers in the world and a driver of the UK’s domestic economy – providing capital to the high-growth companies of today and tomorrow, as well as existing businesses. “

Nile Gardiner, foreign policy analyst and former associate of the late Margaret Thatcher, claimed that the success of the City of London in its first full year after Brexit is clear to all.

He told Express.co.uk: “It is very clear that the City of London is booming after Brexit. There has been no exodus of jobs, quite the contrary.

“More and more investment is coming to the city and the UK as a whole.

“Foreign companies from Japan to the US are setting up new headquarters and new factories in the UK.

“Britain will be infinitely better off as a free sovereign nation unbound by mountains of EU regulation and bureaucracy.”

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