TIMES.KY

Cayman Islands, Caribbeanand International News
Thursday, Apr 25, 2024

Brexit triumph: London to become 'business centre of Europe' in blow to Brussels

Brexit triumph: London to become 'business centre of Europe' in blow to Brussels

THE European Union has been told to be "very well aware" Brexit could transform London into the most important business centre across the continent. "The big risk that I see is that if that happens the new Great Britain will concentrate very much on building a business environment out of London and London will turn into something of a combined Hong Kong-Singapore for continental Europe.

European Union leaders had hoped Brexit would catapult European financial centres like Frankfurt and Paris to the forefront of the international business scene.

But financial services expert Andreas Treichl warned Brussels Brexit could potentially help British business deliver a "big blow" to European competitors.

Speaking to CNBC, Mr Treichl said: "The big risk that I see is that if that happens the new Great Britain will concentrate very much on building a business environment out of London and London will turn into something of a combined Hong Kong-Singapore for continental Europe.

"That’s going to be a big blow to the rest of the EU – you’ve got lots of talent there, you have the infrastructure, you have the facilities.

"Don’t forget that London is not so much the banking but the services centre not only of Europe but of the world."

Mr Treichl, the CEO of one of the largest financial services providers in the world, the Erste Group, told the bloc they should beware of the risks Brexit could pose to the union.

He continued: "That’s big risk and that’s something the EU should very well aware in the negotiations over the next months.

"The country with the strongest capital market culture will, unfortunately, leave the European Union.

"It will be up to the Germans and the French to develop that together which makes it a lot more difficult."

Early signs of economic struggles in the European Union appeared earlier this week when France recorded an unexpected slowdown in its economy, fuelling concerns of the potential risks of Britain leaving the EU without a deal.

Latest reports from the French Office of National Statistics revealed the French economy stagnated in the second quarter of 2019.

The weakening resulted in a lower growth that the +0.3 predicted earlier this year. Junior economy minister Agnes Pannier-Runacher however dismissed concerns about the state of the economy, insisting investment, as well as upcoming tax cuts, will drive future growth.

Ms Pannier-Runacher said: "At this stage, there is no reason to be anxious about our pace of growth.

"Investment in business is growing, and that typically calls for future jobs and growth."

Germany also has been facing growing risks of a crisis as the German manufacturing sector continued to contract despite Angela Merkel dismissing concerns.

Economic expert Shweta Singh said: “Germany just about avoided a recession towards the end of last year.

“Growth this year will remain quite weak so consensus expectations for Germany, for example, have been consistently revised downwards.

“And you’re looking at growth of just north of 1 percent which is a significant down take from where Germany was just in 2017 growing at 2.6 percent. And 1 percent is way below Germany’s potential growth rate.

“And at the same time, the headwinds that Germany faces and the global economy faces is unlikely to disappear immediately.".

Boris Johnson has fuelled additional concern about the European economy as the Prime Minister has insisted he will ensure Brexit is delivered "come what may," warning he is willing to go through with a no deal unless the bloc agrees to change the withdrawal agreement.

Newsletter

Related Articles

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×