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London is one of the world’s most important financial centers, boasting its old skyscrapers and new ones under construction.
Despite the many problems related to BREXIT, the high-rise building craze seems to continue at an even faster pace than before. Currently, Londoners are waiting to see if the 305-meter building, otherwise known as the Tulip, whose design has many disputes, will receive the final approval or not, to start the works.
None of the financial centers reflect Britain’s departure from the European Union, but as soon as Theresa May declared after the BREXIT Referendum that there was no going back on the decision to leave the single market, it seemed as if the whole country it would be separated from Europe’s largest single market. In such a situation, regulators on both sides of the Channel tried hard to ensure the continuity of businesses and, above all, to maintain financial stability.
According to the London organization New Financial, 291 large financial firms have moved their business activities or part of their staff to other EU member states. Many contingency plans were drawn up before March 29, the date by which BREXIT was thought to be over. Even according to EY, about 1.27 trillion dollars of assets have been moved from the London city, he writes The Economist,, the Telegraph reports.
For London’s European rivals, BREXIT is seen as a once-in-a-lifetime opportunity and so they are scrambling to grab as much business as they can.
The London Stock Exchange has moved three billion dollars worth of government bond trading to Milan. Amsterdam has also gained a lot as a result of trading government bonds and trading euro repurchase agreements. These movements do not seem rushed at all. Although the final form of BREXIT is unclear, only through these shifts will the UK continue to operate in the common market.
In 2016, 5,476 UK-based firms offered their services in different EU cities, just because of the access they had to the European area. Meanwhile, many other firms of the European Economic Area offered their services to Great Britain. Including asset managers, insurers and ultimately banks, the UK provides a quarter of all financial services in EU countries. /Telegraph/
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