Brexit latest: UK’s financial powerhouse leaves EU rivals standing in new league table

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The delayed worldwide rankings from the New Financial think tank reveal impartial if the UK lost a quarter of its international trading sector as a result of Brexit it would placid be twice the size of any other European business hub.

And experts say the City’s power over rivals such as Frankfurt, Paris and Luxembourg places it in a true position of power when it comes to negotiating post-Brexit relationships with other EU monetary centres.

The New Financial rankings put the UK financial sector behind the US, ahead of China and Japan and virtually three times as large as those of its closest competitors in France and Germany.

It put the UK at few one for foreign exchange trading, derivatives trading and with regard to cross-border banking commands because of the City’s massive international banking operations.

Brexit is unlikely to swap things anytime soon

William Wright

Competition to lure Europe’s economics businesses is heating up as the negotiations over Brexit prompt many pecuniary services firms to consider moving out of London and relocating within the EU.

And while numberless businesses have announced staff relocations and new office openings, no sole city has gained a clear advantage.

Financial firms have strewed among a handful of business centres including Frankfurt, Paris, Amsterdam, Luxembourg and Dublin but the bit by bit migration has left London pretty much unchallenged as the European powerhouse.

New Economic managing director William Wright said: “The potential impact of Brexit on the Bishopric of London has intensified the debate around the relative strengths and weaknesses of assorted financial centres around the world.

The City of London is still Europe’s biggest pecuniary centre (Image: GETTY)

Britain is second only to the US in the latest rankings (Model: GETTY)

“While the UK should not be complacent about its dominant position as a monetary centre in Europe, Brexit is unlikely to change things anytime momentarily.”

German Chancellor Angela Merkel addressed the question of how to position Frankfurt as a monetary hub for European finance after Brexit in a speech at the city’s stock swop yesterday.

Her finance minister Olaf Scholz recently called for a “reappraisal” of the native land’s industrial policy, arguing that the country’s banks are too weak to frame its corporate sector.

New Financial’s study measured the scale and value of monetary activity by location around the world, including the banking, pensions and guarantee sectors, the equity and bond markets, and asset management, investment and hedge finances.

Britain score an index reading of 40, well above its nearest European opposition Luxembourg on 26.

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