Brexit's finance failure
Brexit uncertainty is the biggest threat to London’s position as the world’s leading financial centre. Financial sector optimism fell for the third consecutive quarter in the three months to end-2017, with companies asking for as much clarity as possible around the shape of the UK’s future commercial relationships with the EU, according to research conducted by business lobby outfit the CBI and PwC.
Nine out of 10 firms surveyed cite Brexit as the most serious challenge to the UK’s premier global financial status.
“To restore some confidence, financial services firms absolutely must – no ifs, no buts – get as much certainty as possible on what the UK is aiming for in the Brexit negotiations, the opportunities of success and the consequences of failure,” says CBI chief economist Rain Newton-Smith.
He adds that financial sector players are pretty unanimous “in voicing their concern about the damaging impact of Brexit uncertainty and the need for the UK to remain a vibrant centre of fintech and innovation”.