London is one of the greatest considerations of financial wealth on earth. Financial Service Sector (12% of Britain’s Economic output) employs 1.1 million people and pay the most taxes in comparison with any other industry.
1/3 of London transactions and exchanges involve clients from Europe, thus dangers will arise after Brexit. French Finance Minister stated Paris will overtake London, and will be the most important financial center in Europe.
‘London has not come close to taking a mortal blow or anything like it … The increasing uncertainty though over London’s future has led to a stall in its growth,’ Michael Mainelli, Executive Chairman of Z/Yen, told Reuters.The number of finance jobs will be shifted out of Britain or created overseas due to Brexit.’All the signs are that companies are just making plans to move the minimum necessary,’ the City of London’s political leader Catherine McGuinness told Reuters, adding ‘just because you can’t see a massive change suddenly happening you can’t assume everything is okay.’
According to the recruitment agency Morgan McKinley, the number of available jobs in the industry of financial services fell the most in six years in 2017. Commercial property prices in the City of London are now at the highest level since the third quarter of 2016, three months after the Brexit vote, driven by a surge in office purchasing and leasing in the final quarter of 2017.Travelers going in and out of Bank and Monument fell by a fifth in 2017 compared with 2016, the data shows. This follows an annual increase each year since 2009.
The number of passengers using London City Airport, a popular gateway for finance executives, fell for the first time since the final year of the 2007-2009 global financial crisis in 2017.