More than 440 firms in banking and financial services have relocated part of their business, moved employees or set up new entities in the EU following Brexit.
Dublin and Paris are the go-to destinations, as banks have moved or plan to move more than £900bn in assets to the EU, equivalent to 10 per cent of the entire UK banking system.
While these figures make for sobering reading and reveal the extent of just how much Brexit will change the face of London as a finance hub, City A.M. sits down with Square Mile veteran David Hall, for nearly two decades the managing director of private equity firm YFM, based in Mayfair.
As chair of the firm’s investment committee, Hall is responsible for raising fresh funds and the management of dozens of investments. He is also chairman of City-based industry group VCTA.
Hall is convinced investors look past political changes and are still interested in British businesses. Moreover, he said Brexit provides the City with an opportunity to alter the investment regulation for the better.
Despite Brexit, the City of London was, and many argue still is, the beating heart of Europe’s banking and investment community, and Old Street the Silicon Valley of Europe. Do you expect that to change long-term in the post-Brexit era?
As the son of a butcher from Salford, I hope Brexit will accelerate the levelling up agenda, building a vibrant environment across the country that is conducive to sma ..