london finance chief upbeat after brexit trigger
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

London finance chief upbeat after Brexit trigger

Arab Today, arab today

Arab Today, arab today London finance chief upbeat after Brexit trigger

London - Arab Today

The outlook for London’s financial sector has improved since Brexit was triggered, insists the man charged with its policy, even as banks remain set to move some jobs abroad.
Mark Boleat, who spoke on Thursday to AFP after British Prime Minister Theresa May activated the process for Britain’s EU exit, nevertheless urged speedy trade talks to minimize disruption.
The signing of Article 50 of the Lisbon Treaty late last month has kick-started a two-year countdown to Brexit.
“On the whole, I think things are looking rather better,” Boleat said when asked about the impact on London’s financial sector, otherwise known as the City.
“We would hope that the negotiations go quickly and go well,” he said.
If early agreement could be reached on the terms for exit and on the rights of EU nationals, “there will be the minimum of disruption to business and consumers in this country — and in Europe,” said Boleat, who steps down next month as policy chairman of the City of London Corporation (CLC).
Bank of England (BoE) Gov. Mark Carney on Friday warned of sector-wide consequences of leaving without a trade deal but was optimistic for an agreement.
In the run-up to last year’s Brexit referendum, the business community threw its weight behind the failed Remain campaign, arguing it would prompt large-scale City job losses. So far, HSBC has stated it would likely shift 1,000 jobs to Paris, where the banking titan already has a significant operation. US player Goldman Sachs will, meanwhile, move 1,000 staff from London to Frankfurt.
Boleat sought, however, to calm jitters over banks shifting jobs to other major European hubs.
“Banks have had contingency plans since before the Brexit referendum in some cases. They have known there is a possibility that Britain will not be in the single market — that has now been confirmed.”
Many banks “will need to restructure what they are doing — perhaps cease doing a few things, in some cases build up business elsewhere in the EU. They are getting on and doing that.”
And he cited US investment bank JPMorgan’s Chief Executive Jamie Dimon, who stated this week that he did not foresee shifting many staff from Britain over the next two years because of Brexit.
“I don’t think businesses are going to announce what they are doing in a great fanfare,” Boleat said.
As executives such as Jamie Dimon had pointed out: “We are going to need to build up our resources in other EU member states.”
A few people would be moved, but “no one is going to say: We are closing down in London,” he said.
Historic insurance market Lloyd’s of London was the first group to respond to the Brexit trigger, announcing it will open a Brussels subsidiary in early 2019. The market, which insures against catastrophes such as earthquakes, shipwrecks and revolutions, is seeking to ensure its continued access across the bloc.
Lloyd’s is “a unique organization. It is not a company, it is a market. They will have to do something if Britain is outside the single market,” Boleat told AFP. “They have spent a long time looking at location. They have decided it is Brussels.”
But that was only part of their business, he said.
“It is Lloyd’s of London. The vast bulk of its business will stay in London. It will not be Lloyd’s of Brussels,” the departing policy chief added.
Boleat also argued that the future location of euro clearing — the processing of euro currency transactions — should remain in London.
France has been particularly vocal that other EU hubs should be ready to take over from London. “The clearing is done in London because that is where the expertise is. That’s where the market is. Brexit will not change that,” Boleat said.
“Euro clearing is already a political football — but we hope that economic reality will determine the outcome, not a wish to have a trophy function move to another place.”

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

london finance chief upbeat after brexit trigger london finance chief upbeat after brexit trigger

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

london finance chief upbeat after brexit trigger london finance chief upbeat after brexit trigger

 



GMT 11:28 2017 Saturday ,15 April

President Al-Bashir's visit to Kuwait and Bahrain

GMT 07:51 2017 Sunday ,26 November

HRH Crown Prince condoles with Egyptian President

GMT 14:35 2018 Friday ,12 October

Bahrain's media history documentation hailed

GMT 11:45 2017 Friday ,29 December

10 bodies found in mass grave in Myanmar

GMT 08:44 2016 Monday ,19 December

Hopeless Afghan struggle to save boy sex slaves

GMT 15:15 2013 Friday ,05 July

I breathe freedom in Jordan

GMT 12:55 2016 Sunday ,18 December

Kerry in likely last visit with Saudi king

GMT 05:49 2017 Wednesday ,24 May

Indian police make arrests after mobs lynch 8

GMT 12:12 2017 Sunday ,19 February

More South Sudanese officials quit unity gov't

GMT 09:25 2017 Wednesday ,09 August

Ghada Abdel Raziq prefers exciting drama

GMT 15:03 2017 Saturday ,14 October

HM King congratulates French President

GMT 22:10 2017 Wednesday ,03 May

Boosting Bahraini-Czech relations discussed

GMT 12:43 2017 Thursday ,30 November

Saudi prince freed in 'billion-dollar deal'

GMT 03:55 2017 Friday ,17 November

Al-Hilal's Eduardo looking to lead from the front

GMT 03:26 2017 Saturday ,18 November

Tesla's all-electric semi truck
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday