Brexit LIVE: EU ‘crushed’ as City bankers win ‘eye-watering’ £14bn coup – new report

Fintech CEO: UK is a 'global HUB, not a gateway to EU'

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Tom Bohills, co-vice chairman of the CityUnited Project, was speaking at the end of a week in which a report published by the European Banking Association revealed just 95 bankers earning in excess of €1million a year quit the City for Europe prior to Brexit. He furthermore pointed to KPMG’s Pulse of Fintech report, which underlined the scale of investment in London-based financial technology businesses in the first half of 2021.

JUST IN: UK told to ‘take notice’ as Israeli scientist rings alarm over Covid

This indicates of the top ten fintech deals in the European, Middle Eastern and African (EMEA) regions, four totalling more than £14billion and involving Refinitiv (£10.86billion), Paysafe Group (£1billion), Nutmeg (£726.27billion) and LendInvest (£500million) were centred on the Capital.

Furthermore, another, involving GoCo Group, worth £600million, was centred on Newport in south Wales.

Mr Bohills told Express.co.uk: “European governments spent five years and tens of millions of pounds building international schools and hosting glitzy embassy receptions to try and lure bankers from the UK.

“Despite all the tax breaks, charm offensives and incentives, the fact that only 95 significant banking jobs have moved is a crushing indictment of the attractiveness of the EU as a global financial centre.

DON’T MISS
Brexit LIVE: EU lorry spotted with brutal sticker attacking Britain [LIVE BLOG]
‘We are thousands!’ SAS-trained troops join Afghanistan ‘resistance’ [INSIGHT]
EU deal to import vaccines from Africa ‘stuns’ WHO chief [REACTION]

“As new office spaces in financial districts across the EU lie untouched, the UK is experiencing its busiest season of listings on record and eye-watering levels of investment into its fintech sector.”

CityUnited Project vice-chairman Leigh Evans said of the EBA report: “This official report from the EU’s regulator, the European Banking Authority, is yet another shot in the arm for a City of London which has responded with its customary inventiveness and resilience to the challenges since the vote to leave the European Union.

“It’s clear that the City’s deserved reputation as Europe’s financial hub is holding up superbly.

“With its significant contribution to UK GDP, and all the tax being collected on these salaries, Rishi Sunak will doubtless greet this report with the smile it merits.”

[THIS IS A LIVE BLOG – SCROLL DOWN FOR REGULAR UPDATES]

6.50am update: UK must beat EU to launch digital currency, stresses CIty expert

Commenting on the news that just 95 super-wealthy bankers quit the City for Europe prior to Brexit, Professor Daniel Hodson chairman of the CityUnited Project, told Express.co.uk: “The good news is that the value added will always be where the decision makers are, and that is still clearly in London, with its deep and diverse markets, its global attraction as a place to live, English language and Common Law based legal system.

However, he added: ““The bad news is that this massive advantage is likely to be eroded quickly should the EU introduce an early Euro Central Bank Digital Currency before Britain.

“That coup would quickly hollow out and acquire a huge chunk of the City’s clearing and settlement business, undermining its clear current advantage, and repositioning a host of those key decision makers in continental financial centres, not least Paris – which has always had its own attractions.”

6.45am update: £14bn fintech investment underlines City’s strength

“Eye-watering” levels of investment in the City of London totalling at least £14billion this year alone have pulled the rug from under Brexit naysayers claiming the Square Mile would falter outside the EU, a financial analyst has said.

Tom Bohills, co-vice chairman of the CityUnited Project, was speaking at the end of a week in which a report published by the European Banking Association revealed just 95 bankers earning in excess of €1million a year quit the City for Europe prior to Brexit.

He furthermore pointed to KPMG’s Pulse of Fintech report, which underlined the scale of investment in London-based financial technology businesses in the first half of 2021.

This indicates of the top ten fintech deals in the European, Middle Eastern and African (EMEA) regions, four totalling more than £14billion and involving Refinitiv (£10.86billion), Paysafe Group (£1billion), Nutmeg (£726.27billion) and LendInvest (£500million) were centred on the Capital.

Source: Read Full Article