What effect might Brexit have on London as a financial centre?
That was the question finance experts and thought leaders discussed at the first International Financing Review (IFR) Brexit Conclave, The Impact of Brexit on Capital Markets Regulation.
Below is a snapshot as to what some of them had to say following the shock referendum result. View all their responses in The Impact of Brexit on Capital Markets Regulation
- Christopher Leonard, Akin Gump: The nominal GDP of London would make it roughly the sixth largest economy in the EU. So will London’s position and status change? Yes, of course it will. And how it will change is impossible to predict. But there is an impetus and a momentum to London that takes a lot of diverting. We’ve got to make the most of it and make the best of the opportunities as well as the threats that Brexit presents. London has always been good at doing that.
- Kate Sumpter, Allen & Overy: There are probably two limbs I’d draw out. One is cultural and the fact that London is a very attractive place for people to be for people and business. Historically, London has always been an attractive place to be. It will remain a diverse place. The second thing is the City of London’s willingness to adapt, which is something it’s done through the course of history. [I sat in a] City of London corporation discussion around innovation in the fintech sector and there is a huge will and appetite to encourage that in London. While we’re working our way through these very murky waters with those sorts of attitudes, we’ll come out at the other end in a reasonably strong place.
- Caroline Dawson, Clifford Chance: There’s a critical mass element to it. People are looking at different places where they could possibly go around the EU, to Dublin, Frankfurt, Milan, Paris, maybe, Netherlands or Luxembourg. But unless you’ve got everyone going to one single place, you’re not really seeing a significant competition to the City of London. And while that’s still the case, the City of London still does have some cohesion and it has that critical mass, which retains its character.
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