It was assumed that the Brexit referendum was going to be a huge blow across various domains in the United Kingdom, including the financial hub at the heart of London; however, nothing of this sort has happened until now.
Sir Stuart Anthony Lipton, a founder of Stanhope plc, and the co-founder of the property company Chelsfield with Elliott Bernard the property developer, has stated that regardless of the fallout from Brexit, London will continue to enjoy its status as the world’s preeminent financial powerhouse. The property manganate shared his views regarding the same and said,
“London is extraordinarily resilient and its future as a finance center is secure because what we have here is unique.”
Since the beginning of talks of UK’s Brexit plan, there had been grave warnings that London could lose its status as the ‘world’s banker’ if the UK exited the European Union. With the current developments, the United Kingdom’s exit from the European Union seems imminent and might happen anytime soon; surprisingly, yet positively, there have been no major effects on the financial sector until now. In fact, it has seen a tremendous grown since 2016.
The power of London’s finance sector can be gauged from its performance in 2019 alone. London has steadily attracted the highest quantum of overseas real estate investments in the world apart from Fintech investments, which have also flown in at a breakneck pace.
Currently, Fintech in London has attracted a lot more investments compared to the world’s other hubs in New York City. It should be noted that despite the announcement of the Brexit referendum in 2016, Fintech still continues to grow rapidly. London still continues to dominate the global foreign exchange market which currently handles as much as approximately $6.6 trillion on a daily basis.
While a lot of sectors in the United Kingdom face a multitude of issues, the growth in London’s finance sector seems unaffected by the downtrends.