Prime Wall Street boss says Brexit has not ‘diminished’ City of London
Brexit has not broken the City of London regardless of claims it might set off an exodus of jobs, a prime Wall Street boss has mentioned.
David Livingstone, Citigroup’s chief government for Europe, Middle East and Africa, mentioned the City has “not been diminished” by the UK’s departure from the EU.
He mentioned Britain’s attraction to worldwide banks is because of its robust rule of legislation, widespread language, geographical location, training ranges and high quality of life.
Mr Livingstone added that “none of that has been diminished by Brexit”.
He advised The Telegraph: “For me, it’s an absolute certainty that the UK will remain with those characteristics and therefore remain the place that we have our headquarters.”
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The senior Wall Street boss added that efforts by Brussels to create a rival monetary hub to the Square Mile have up to now didn’t bear fruit.
He mentioned there have been main hurdles for worldwide banks working throughout the bloc.
Mr Livingstone mentioned: “The EU post-Brexit has got a lot to build in terms of the depth of its capital markets.
“It’s got a banking union and a capital markets union, both of which are not progressing as fast in terms of delivering an outcome as a place where corporate clients and institutional clients can raise capital and do it in a seamless way within the union.”
It comes after Project Fear claims within the 2016 referendum marketing campaign that there could be a post-Brexit mass exodus of jobs from the City.
But Brexit naysayers have been proved improper over the claims within the years because the vote to Leave.
A survey by consultancy EY discovered that the UK had attracted 76 monetary companies initiatives in 2022 – up 13 from 2021.
The analysis additionally discovered London is the main European metropolis for attracting overseas funding in monetary companies, with the City securing 46 initiatives final yr.