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Brussels bid to SNATCH British business DISMISSED: London backed to THRIVE post-Brexit

November 29, 2018 1:48 PM
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Brussels bid to SNATCH British business DISMISSED: London backed to THRIVE post-Brexit

A BRUSSELS attempt to poach finance and insurance firms away from London in a post-Brexit swoop on British businesses has been rubbished by a City boss.

Brexit will have very little impact on the City of London's talent pool despite efforts to entice workers to other European business hubs, according to John-Claude Hesketh, partner of advisory firm Marlin Hawk. He predicts London will continue to flourish as an "attractive location for major banks". Belgium, France and Germany all hope to benefit from a post-Brexit exodus of finance and insurance firms looking for a new hub within the European Union.

But Mr Hesketh believes the UK's divorce will not diminish the City of London as Europe's financial hub.

He said: "Some might perceive this move by Brussels to be a blow to the UK financial services sector, but this is far from the case from a talent perspective.

"The reality so far is that Brexit has had no real impact on the movement of business and talent from the capital to Europe."

The only potential movement for businesses from the UK to EU hubs are those whose main business involves the euro, the bloc's single currency.

"The only jobs that are most likely to migrate to Brussels following this campaign are those that are involved with Euro-specific clearing, central offices where the day-to-day operations take place will not need to change at all.

"The majority of businesses based in London are still making long term decisions in terms of top talent, and in spite of the continued uncertainty surrounding Brexit, London remains an attractive location for major banks and financial service providers.”

This week the Belgian government announced a scheme promising British firms a “passport” to the EU’s single market and a new location at the heart of the bloc’s decision-making processes in a fresh sales pitch.

Cecille Jogogne, Secretary of State for Foreign Trade at the Region of Brussels, is leading the campaign to urge British firms to consider the Belgian capital as a new business hub after Britain leaves the EU.

She said: “Insurance and financial services businesses that want to be at the centre of the decision-making process and help to shape the future of the UK-EU relationship should consider Brussels as their European headquarters.”


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