Lloyds Bank‘s annual sentiment survey of financial firms showed that, despite uncertainty over regulation due to Brexit, London will remain a leading global financial centre. Britain fully left the European Union, with thousands of jobs and billions of euros in daily trading moving from London to the continent.
On the other hand, the survey of more than 100 banks, asset managers and insurers showed that more than two-thirds believe that London will remain a top centre. The survey says that it seems sensible to conclude that, while London’s status has taken a knock due to Brexit. But still, it will remain one of the world’s leading financial centres. Brexit led to the UK financial sector being cut off from the EU. 42% believe a resumption of access won’t happen until 2023. And, almost a third said it will never happen, as per the survey. The biggest threat is the regulatory change.
Britain’s finance ministry, with this little prospect of EU access, is setting out a welter of reform proposals. They are yet to be implemented. Splits with some firms says that the competitiveness will improve due to divergence from EU rules, as per the survey. And some others says that the competitiveness will worsen because of such divergence.
A significant intervention was registered by a powerful Swiss parliamentary body, the lower chamber's influential…
A significant, two-day cessation of work was formally initiated by Tunisian bank employees on a…
The successful mitigation of a major service disruption affecting the technology giant's Azure cloud…
A report was issued on a Tuesday by Amundi, which stands as the largest asset…
A significant step toward expanding its presence in the global financial hub was announced by…
Official data released on a Friday indicated that U.S. consumer prices had risen slightly less…