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Despite Brexit – financial center London is still top News

Monday, September 11th, 2017 | Economy

In the ranking established by the Z / Yen consultancy, the British metropolis remains in first place, followed by New York, Hong Kong and Singapore. In this so-called GFCI index, factors such as infrastructure or availability of highly qualified workers flow into the assessment of financial centers. London was even able to expand its lead over New York: "Probably because of concerns with regard to the trade relations of the USA," the authors in the study published Monday.
US President Donald Trump sees his country as a loser of globalization and represents the position that unfair trade agreements have destroyed jobs in the US. It therefore challenges trade agreements and threatens punitive charges.
The influential British financial gambler group TheCityUK warned of self-satisfaction despite the unchallenged leadership status of London. If there were no transitional arrangements for the period after the planned withdrawal from the EU's internal market, many companies in the sector would adjust accordingly in their personnel planning.
Customs borders come to dealers to be expensive
The researchers of the think tank "Institute for Government" have stated that the introduction of customs limits after the EU exit to the island's financial traders will cost over £ 4 billion (€ 4.38 billion) per year. The institute assumes that an additional 200 million customs declarations per year will be needed after the brexit: at an estimated cost of 20 to 45 pounds per document, four to nine billion pounds will come together: "The volume and costs could be serious for many traders" , warn the authors.
The Brexit vote of the summer of 2016 has also led to a strong pounding of the pound against the euro. Import goods become more expensive in such a case and travel abroad becomes more expensive. According to the credit card operator Visa, this led in August to the fact that the citizens made more holidays in the country. As a result, the British spent the first time since April spending more money, according to Visa's sales on credit and customer cards. According to a note from the central bank, however, the British still have to look for increased inflation rates for years to come.
In the House of Commons, on Monday evening, a vote on a repeal bill ("Repeal bill"), with which Mr Theresa May wants to secure the separation from the EU in the financial, political and legal area. The vote is only a stage in the legislative process and is intended to pave the way for a thorough examination by the parliamentarians. The opposition Labor Party has announced that it would vote no if the government did not make any concessions. The Labor Party, however, would have to join the conservatives' EU supporters during the vote, in order to teach May a defeat in the evening. Brexit minister David Davis has warned opponents of the law that a no is a vote for a chaotic brexit.
The "Repeal bill" is intended to clarify, for example, the question of the jurisdiction of the European Court of Justice (ECJ) according to the Brexit. This is one of the issues in the harsh divorcing talks between Great Britain and the EU. Brussels is strictly against the fact that the ECJ should, for example, remain in dispute over the rights of EU citizens after leaving the UK. The status of millions of Britons and EU citizens in the other area from April 2019 is still unclear.
(Reuters)

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