Blog: Brexit boost as UK firms bullish about London’s future despite Project Fear warnings – Daily Express

More than two-thirds of UK financial services firms are confident about London retaining its status as a leading global hub, the report by Lloyds Bank found. This comes despite warnings leaving the European Union would be a disaster for the City.

Some 32 percent of respondents believe competitiveness in the sector will improve over the next 12 months.

Meanwhile, 17 percent said competitiveness in the sector would worsen.

Almost half of those that expect competitiveness to increase cite Britain abandoning Brussels’ rules as a key factor.

Adrian Walkling, head of financial services at Lloyds Bank Commercial Banking, said: “This year’s survey emphasises the belief in London as a global centre for trade and finance as firms anticipate and adapt to the new regulatory environment.

“The benefit of this will resonate beyond the capital, having a positive impact on financial services firms and the communities they serve across the country.”

Most financial institutions are more confident about the economy and their own sector’s prospects than they were in 2020, according to the report.

Nearly nine in 10 believe UK economic growth will improve over the next 12 months.

READ MORE: Marks & Spencer boss blasts EU over Brexit border controls

This is up from just 20 percent last year.

And 51 percent also expect growth in the UK financial services sector to improve over the next year.

Mr Walkling added: “Financial institutions’ confidence is on the rise as they emerge from a challenging 12 months.

DON’T MISS
Brexit LIVE: Lord Frost announces new delay to EU border controls [LIVE BLOG]
Brexit Britain to dominate on global stage hail finance leaders [INSIGHT]
Crunch point! Frost blindsides EU with Article 16 [ANALYSIS]

“Following extensive investment in digitisation over the past decade, our sector was well-positioned to endure the Covid-19 pandemic, but firms still had to adapt quickly to support their customers.

“They did this by drawing on the determination of their people and the spirit of innovation that has made UK financial services world-leading.

“I’m confident financial services will remain a driver of our prosperity and opportunity as the recovery from the pandemic enters a new phase.”

Respondents to the survey include major banks, asset and wealth management firms, insurers and intermediaries, both in London and across the UK.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s