Published On: Wed, Oct 16th, 2019

Brexit news: Traders will flock back to City after Brexit, says analyst | City & Business | Finance

Mrs McGuinness, who as chairman of the Policy and Resources Committee on the of London Corporation is the institution’s de facto leader, warned yesterday the City would lose more jobs to in the coming years, warning London had no “God-given right” to dominance in the financial sector. However, Mr Buik suggested the impact of had been greatly exaggerated.

The Harrow-educated pundit, a regular commentator on the BBC, stressed his enormous respect for Mrs McGuinness – but nevertheless estimated 85 percent of those working in the City were remainers, suggesting her remarks may have been tailored towards that audience.

He added: “There have been losses at financial institutions all over the world and unfortunately the City is no exception.

has lost 10,000, Barclays has lost 4,000 – that’s just the way the industry is at the moment.

“It’s a useful conclusion to say it’s causing it but I actually think it’s a minimal factor.

“Brexit seems to make a convenient scapegoat.

“Despite all the doom and gloom this is nothing like as bad as is being made out – it’s not collapsing round our ears here.”

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Speaking yesterday, Mrs McGuinness said: “The announced job moves at the moment are fairly low. We would expect those to go up.”

She said business leaders have been frustrated by more three years of uncertainty and worries about some of the political momentum behind leaving with .

She added: “We need the government to stop messing about and get on with sorting out our long-term future on the basis that will allow us to strike up a harmonious relationship with our EU partners going forward.

“A disorderly Brexit would be a bad thing, and I don’t think anyone views an extension with enthusiasm.

“We don’t want to see cans kicked down the road.”

But given that global banks have no loyalty to anyone, she urged the government to help the continue recruiting from international talent, build adequate housing and transport, and keep banks competitive after the United States cut taxes.

Asked whether she would rather Britain to leave the EU without a deal or a government led by Labour leader , Mrs McGuinness said it was a hard question to answer.

She added: “A destructive exit would be a very bad thing.

“A government of whatever complexion that did just look at the whole needs of the whole economy would be the better solution.”

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