Warning that 'land grab' for London's financial services could backfire on EU
"A deliberate attempt by the European Union to take business from the City in Brexit negotiations could hurt European nations' economies and businesses, MPs have been told.
High profile banking and fund management figures giving evidence to a House of Commons select committee hearing on trade options beyond 2019 - by which point the UK should have left the EU - said a land grab by European counterparts runs the risk of backfiring.
London is the world’s finance capital not only because of the huge assets it runs but because of its hundreds of years of experience, gold-standard regulation and “deep talent pool” which it has built up, MPs heard." (AtW's comment: for fecks sake - it's OTHER PEOPLES ASSETS, not London's, they can move 'em where it's best for them - in EU)
Asked to assess the outcome of European nations trying to take business currently conducted in the City by excluding Britain because it was no longer covered by Europe-wide regulation, financial services chiefs issued a stark warning.
“The biggest risk of the wrong outcome is a situation where functionality goes not to Frankfurt, not to Dublin, but to New York or Singapore,” he said, referring to jobs and trade looking away from Europe. “It is the European economy that will lose as a whole”. (AtW's comment: no, it's UK who will lose it, and since UK won't be in EU the EU won't be losing out - in fact the best way for EU to deal with the fallout of Brexit is to make sure that most of City stuff goes to EU and US, maybe 50-50 split, but they'll all be quids in. )
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Source: Warning that 'land grab' for London's financial services could backfire on EU
Of course they will re-double their efforts to poach MAXIMUM amount of business and of course most banks now will try to diversify away from UK - most NEW investment is likely to EU and USA.
