ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Web Stories
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • IPL 2023
    • Karnataka Elections 2023
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

London will bounce back despite Brexit: Lord Mayor

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
London will bounce back despite Brexit: Lord Mayor
Speaking at his offices opposite the Bank of England (BoE), Andrew Parmley spoke of his concerns about attracting high-skilled workers and how city firms will be able to do business in the European Union (EU) after Britain leaves. Image Source: AFP

The Brexit vote has shaken the city of London but will not destroy it despite creating uncertainty, the newly-installed Lord Mayor of the financial hub told AFP.

Speaking at his offices opposite the Bank of England (BoE), Andrew Parmley spoke of his concerns about attracting high-skilled workers and how city firms will be able to do business in the European Union (EU) after Britain leaves.

"Storms come around but we weather them every time," 60-year-old Parmley, the city's 689th Lord Mayor in eight centuries, said in an interview at his official residence Mansion House.

The Lord Mayors rule over the Square Mile, an area with 8,000 residents which every day hosts some 450,000 employees, mainly in the financial services sector.

Parmley officially took up the post on November 11 in an environment that he said presented "some challenges", following Britain's vote on June 23 to leave the EU.

The referendum result was a shock for the City, raising fears that it could lose its top-flight global status alongside New York.

ALSO READ: UK bankers confident of London's place after Brexit: Study 

Big concern on euro clearing

The main concern for the City is the loss of passporting rights, a money-saving mechanism that allows financial products approved by a single regulator in a member state to be sold in the entire European Union (EU).

Losing this advantage could push some companies to move at least some of their activities to continental Europe in order to be able to continue to do business.

"Some businesses have undoubtedly made plans to relocate," Parmley said, although he added there have been no major announcements as "most people are still waiting".

Five months after the referendum, the government has not given any detail on its plan for future ties between Britain and the EU, except to say it wants British firms to have maximum access to the EU`s single market.

Prime Minister Theresa May has promised to invoke Article 50 of the EU`s Lisbon Treaty -- the formal procedure for leaving -- by the end of March. 

Until then, patience will be of the essence.

"We'd like things to accelerate a little bit, we'd like greater clarity, greater certainty as to what the government is offering us," Parmley said.

City officials are working with the government "to test the water, to see the direction of travel", defending the interests of the 17,000 companies that operate in the City and Britain`s other main financial centres.

But Parmley admits it is "very unlikely" that passporting could be retained in its current form.

ALSO READ: British jobless rate holds at 4.9% despite Brexit 

He hopes the government "can give us something that looks like passporting or we can find a way to ease business with our colleagues in Europe".

Another concern is about being able to attract the international mix of employees working for city firms.

London Mayor Sadiq Khan has talked about the possibility of special visas for the British capital, while Parmley said only that there had been talk of "a range of regional visas".

He said the city`s other "big concern" was over euro clearing -- an intermediary role between buyer and seller of financial products denominated in euros.

The business is estimated to account for 83,000 jobs in Britain, according to the Financial Times.

Cities like Frankfurt, Paris or Amsterdam have been outlining ambitions to take market share from London.

But Parmley said they could not compete in terms of infrastructure and London's draw as a place to live.

He was installed in a grandiose ceremony that brings crowds of tourists to the city every year, and he believes the city`s traditions will prove resilient in adversity.

And the outlook is not all downbeat. One scenario after Brexit, he said, was for the City to orient itself more at emerging markets "that we may have neglected".

ALSO READ: UK real estate giants fall into red on Brexit

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
LondonEconomyBrexitEuropean UnionBritainTheresa MayBrexit VoteSadiq KhanBank of EnglandEU
Written By: AFP
Updated: Mon, Nov 28, 2016
10:41 am
London , AFP
RELATED NEWS
EU Parliament won't accept Brexit deal threatening four EU freedoms EU Parliament won't accept Brexit deal threatening four EU freedoms
UK real estate giants fall into red on Brexit UK real estate giants fall into red on Brexit
UK bankers confident of London's place after Brexit: Study UK bankers confident of London's place after Brexit: Study
British jobless rate holds at 4.9% despite Brexit British jobless rate holds at 4.9% despite Brexit
Majority of UK CEOs opting to move operations abroad post-Brexit Majority of UK CEOs opting to move operations abroad post-Brexit

LATEST NEWS

Samsung Galaxy F54 5G launch on June 6: 108MP camera, nightography and much more - Details

FINAL TRADE: Sensex up 123 pts, Nifty settles at 18,634; ITC surges over 2%

Gold price today (May 30, 2023) Yellow metal trades flat below Rs 60,000 — check out city wise prices in Mumbai, Delhi and other cities

RBI releases 2022-23 annual report: From economy growth to CAD – check key takeaways

This Dolly Khanna apparel stock zooms about 15% in today’s trade; do you own it?

Lux Industries releases Q4 result, declares 250% final dividend; check details

AstraZeneca Pharma dividend: Board announces Rs 16/share payout

Capital Small Finance Bank eyes Rs 14,000 crore of total business in FY24

Torrent Pharma Q4 results: Profit at Rs 287 crore, board announces 160% dividend

This Rekha Jhunjhunwala-backed Tata group company stock hits new 52-week high – what should you do?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. Indiadotcom Digital Private Limited. All Rights Reserved.
LIVE TV