The Union is not a risk to the City of London, the British are relieving

On Sunday, Britain downplayed the risk that the European Union (EU) would deprive London's financial district of the City of its leading position in the world after Brexit. And authorities said that the real challenge for the City is more New York, Tokyo and other global financial centers. Britain completed its withdrawal from the EU last December. And at the last minute, it managed to reach a free trade agreement with Brussels. However, this does not include financial services, which are the engine of the British economy.

Amsterdam overthrew London

Data released on Thursday (February 11) showed that Amsterdam knocked down London as Europe's largest stock market in January after Britain left the EU's single market. However, according to British Foreign Secretary Dominic Raab, the real challenge for London's position as a global financial center is Tokyo, New York and other cities rather than European centers, especially if they begin to introduce barriers to trade and investment. In addition, the United Kingdom expects to be granted the status of equivalence, ie equivalence in the area of ​​financial services regulation, which will liberalize trade in the sector. The EU has asked for information on Britain's intentions to deviate from EU rules, and London claims that it has already provided all the necessary documents. Under the equivalence regime, each party (EU and UK) should recognize the other party's financial regulation. So far, Brussels has approved only two of the tens of trading the City needs. According to Raab, the Union risks undermining its own competitiveness if it creates barriers to gain part of the business from the City.