Brexit and the future of London
In the words of the old Flanagan & Allen song :-
"... Maybe it's because I'm a Londoner
That I love London town...."
For those of us who are blessed to be Londoners, these words are as natural as the day is long.
Clearly, however, it is not only Londoners who think so highly of this unique city .
According to research published by the think tank "Centre for London" on 22nd May 2019 , as reported in "City A.M.", London is currently the top-ranked location for international group headquarters, accounting for 591 foreign direct investments into headquarters projects since 2003.
However, according to "City A.M.", the same research report suggests that London's position as a top global destination for multinational headquarters could suffer as a result of new immigration laws and Brexit chaos.
It appears that new jobs in London in activities relating to headquarters have slowed down since 2016 and that business visits to London have fallen for the first time since 2009.
There is clearly no room for complacency!
Other newsworthy comments about the possible effects of Brexit on the London economy include a reported comment from the UK Government Minister responsible for the City of London, John Glen, that there would not be "an enormous economic dividend" for the City of London if the UK deviated too far after Brexit from the EU's financial regulations. He thought that the majority of City-based financial organisations want a reliable regulatory environment instead of a less-secure, looser relationship with the EU after Brexit. Interestingly, this view contrasts with reported comments from others such as Andrew Bailey, Head of the Financial Conduct Authority, who have argued for a looser arrangement with the EU after Brexit.
Meanwhile, Ben Broadbent, a deputy governor of the Bank of England with responsibility for monetary responsibility, is reported by "City A.M." to have emphasised in a recent speech at Imperial College Business School in London how damaging for business in his view is the rolling series of Brexit extensions. If this view is correct, then London is likely to be affected more than most by the uncertainties surrounding Brexit.
London's resilience as a world - class city is not in question but it is clear that there is a job to be done in safeguarding London's standing as it sails through Brexit's choppy waters.
