Brexit ‘will bring golden era for City’
BREXIT can herald a new “golden era” for the City of London as a global financial powerhouse, a report by a leading business school has revealed.
And in a new endorsement of the City retaining its status, Germany’s finance minister has said that it is in Europe’s interest for London to remain a strong financial centre following Brexit.
The in-depth study by Professor David Blake, of the Cass Business School in London, says the UK can become the world’s financial centre once it is no longer constrained by Brussels rule.
The report comes amid more evidence of Britain’s Brexit boom as the country benefits from the vote to Leave the EU.
Record
The FTSE 100 index of leading companies hit a new all-time high, up 47 at 7415, in response to US interest rate rises – interpreted as a sign the US economy was in robust health and offering better trading opportunities with the UK.
Meanwhile employment group Reed reported 250,000 job vacancies, the highest for seven years, just 24 hours after record employment figures were released.
Chairman James Reed said the figures showed that the UK’s “charge” towards full employment continues.
He also suggested British workers could benefit from EU citizens finding it more difficult to come to the UK, which could boost wages here. In his report, Professor Blake laid out a five-point plan on how the City of London, the biggest economic engine in the British economy, can become the world’s financial centre after Brexit.
One of his main recommendations is for the Government to keep any transitional arrangement with the EU to a minimum and quickly get away from Brussels’ influence.
He said: “Brexit is a golden opportunity for the City of London to become a world financial centre.”
Germany’s finance minister Wolfgang Schauble told a conference in Frankfurt that the German city would be an alternative EU base for international financial institutions after Brexit.
But he added: “I am convinced that for Europe as a whole, and I’m not sure this will be very beloved in Paris, it’s in our interests to have a strong financial centre in London.”
There are concerns in the City about the damage which might be done to financial institutions by the loss of “passporting” arrangements which allow them to offer services throughout the EU.
In another vote of confidence for Britain’s car industry, Toyota announced it is to invest £240million in upgrading its Burnaston plant in Derbyshire.
ON THE day that the Queen signed the Brexit Bill into law the FTSE 100 share index closed at a record high, Toyota announced a £240million investment in the UK, employment company Reed revealed it had more vacancies on its books than at any time in the past seven years and a new report from the Cass Business School detailed how the City of London can enter a golden era once we have left the EU.
How miserable, surely, to be a Remoaner, constantly talking Britain down when all the evidence shows their doom and gloom prophecies are a load of nonsense.