The head of the London Financial District’s Policy and Resources Committee (the City of London) said on Wednesday (5th) that the UK’s attempt to lead the global financial sector needs sustained government support after Brexit.
The British financial sector lost most of its access to the European Union (EU) —then its biggest export destination— after completing its exit from the bloc a year ago.
Although the industry has adapted without major problems to Brexit, the full implications of the UK’s exit from the EU are still underway, said Catherine McGuinness, whose five-year term as head of policy for the “Square Mile” financial district ( nickname for the City of London) ends in May.
Some 7,400 financial sector jobs, far fewer than initially forecast, have moved from London to new EU banking centers, but Covid-19 “may be masking what’s really going on,” McGuinness said.
“We are certainly not on a new normal,” she told Reuters.
Reference: CNN Brasil
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