London is poised to thrive and enjoy a boom post-Brexit as “no one in their right mind” would allow their financial regulations to be “dictated” by Brussels, a commentator claimed.
London was overtaken by Amsterdam as the main European market centre in January, as more shares were traded in the Dutch capital. The shift, which initially looked ominous for City traders, comes as Brussels still refuses to recognise most UK regulatory systems as equivalent to its own post-Brexit. Paris and Dublin also gained in trade volume, as Michel Barnier signalled the EU will not climb down from its demands if a financial services deal is to be agreed with the UK. But City traders and Chancellor Rishi Sunak, as Professor David Blake pointed out, need not worry.
He wrote: “Even before the withdrawal agreement was published, Sir Jon Cunliffe, a Bank of England deputy governor, expressed concern that the Treasury is ‘going to give it all away’ when it comes to City regulation post-Brexit.
“He feared that this would leave the City of London and its regulator, the Prudential Regulatory Authority, as a ‘rule-taker’ from Brussels.
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