After Brussels’ newest plan to punish Britain’s Brexit economy fails, the EU is left scrambling.
According to a former Margaret Thatcher adviser, Brussels has been left scrambling after its measures to penalize Britain for leaving the European Union failed.
Lord Powell claims that Brussels has failed to harm Britain’s major economic sectors as a result of Brexit. Since Brexit, the city of London has faced challenges from the European Union, according to a former adviser to Margaret Thatcher. He pointed out that more people work in the City of London’s little square mile than in the entire city of Frankfurt, which had intended to supplant the UK capital as a financial center after Brexit.
“The city of London is a hugely smart, well-developed institution,” Lord Powell observed.
“It has massive networks all over the world.
“There is no other global financial market in Europe.
“They wish they were, but they aren’t.”
“More people work in the short square mile of London than live in the entire city of Frankfurt,” he added.
“That tells you something!” says the narrator. That isn’t likely to change anytime soon.
“If Europeans want to cause problems in financial services, they will strive to do so in order to reclaim some of the market.
“However, I am certain that London, together with New York, Tokyo, and Hong Kong, will continue to be one of the four global financial centers.”
He also stated that the impact of Brexit on the British economy will not be “cataclysmic,” as many Remainers predicted.
“Britain’s economy may not develop as quickly,” Lord Powell explained. In ten years, it will most likely be roughly 3% to 4% smaller.
“However, we aren’t saying goodbye to growth.”
In a recent interview with the BBC, Goldman Sachs CEO Richard Gnodde shared this sentiment.
He believes that, post-Brexit, the UK capital will continue to be a world-leading financial center.
“Looking back over the last century and the difficulties that this country has faced, we are very certain that the people of Britain will take it forward again,” Mr Gnodde added.
New Zealand Prime Minister Jacinda Ardern confirmed earlier this week that talks to include the United Kingdom in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) were “well-advanced.”
In 2019, the bloc, which includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, contributed for £110 billion in UK trade.