Brexit news: The EU has been ‘crushed’ as City bankers score a ‘eye-watering’ £14 billion coup, according to a new report.
According to a financial analyst, “EYE-WATERING” levels of investment in the City of London, totaling at least £14 billion this year alone, have thrown the rug out from under Brexit skeptics who claimed the Square Mile would struggle outside the EU.
Tom Bohills, co-vice chairman of the CityUnited Project, spoke at the end of a week in which the European Banking Association released a report revealing that only 95 bankers earning more than €1 million a year left the City for Europe before Brexit. He also mentioned KPMG’s Pulse of Fintech report, which highlighted the amount of money invested in London-based financial technology companies in the first half of 2021.
This means that four of the top ten fintech deals in the European, Middle Eastern, and African (EMEA) regions were centered on the Capital, totaling more than £14 billion and involving Refinitiv (£10.86 billion), Paysafe Group (£1 billion), Nutmeg (£726.27 billion), and LendInvest (£500 million).
Another, worth £600 million and including GoCo Group, was centered on Newport in south Wales.
“European governments spent five years and tens of millions of pounds creating international schools and organising glamorous embassy parties to attempt to recruit bankers from the UK,” Mr Bohills told this website.
“The fact that only 95 big banking positions have moved despite all the tax advantages, charm offensives, and incentives is a shattering indictment of the EU’s desirability as a global financial center.
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“While new office buildings in financial centers around the EU remain unoccupied, the UK is witnessing its busiest season of listings on record, as well as unprecedented levels of investment in its fintech sector.”
“This official report from the EU’s regulator, the European Banking Authority, is yet another shot in the arm for a City of London that has responded with its customary inventiveness and resilience to the challenges since the vote to leave the European Union,” said Leigh Evans, vice-chairman of the CityUnited Project.
“It’s apparent that the City’s well-deserved status as Europe’s financial capital is proving to be well-founded.
“Because of its enormous contribution to the United Kingdom.” Brinkwire Summary News”.