British ministers forecast thriving City of London after Brexit
Trade minister Liam Fox says prophets of doom have been predicting the demise of UK capital's financial-services industry for 30 years yet it keeps reinventing itself
London — Britain’s finance industry will emerge stronger from Brexit, remaining one of the world’s top financial centres, British cabinet ministers forecast on Monday. Since Britain voted to leave the EU three years ago, London’s financial services industry has been jolted by the prospect of ending four decades of regulatory integration and losing access to the bloc in one fell swoop later in 2019. London, home to the highest number of banks and largest commercial insurance market, has a lot to lose with the end of unfettered access to the EU market, its biggest trading partner. But trade minister Liam Fox said the demise of London’s finance industry, known as the City of London has been forecast incorrectly over the past three decades and every time it found new ways to reinvent itself.
“Time and time again doom mongers have predicted the demise of the City and time and time again they have been proved wrong,” Fox told an audience at the medieval Guildhall, built above a r...