London will remain European financial centre post Brexit, say British bankers

Survey finds 72% of bankers in UK agree London will remain financial centre in Europe in wake of Brexit.

The majority of bankers in Britain have stated they believe London will remain the financial centre of Europe in five years’ time, despite the recent vote to leave the European Union.

A poll of 80 financial services individuals working in capital markets - conducted by Synechron with Tabb Group – found 72% of bankers in the UK remain positive on London’s financial position in Europe.

However, a significant 78% of respondents said Brexit will have an overall negative impact on UK financial markets.

In response to this, 55% of respondents said they have already established ‘Brexit Steering Committees’, in preparation for life outside of the European Union.

Tim Cuddeford, managing director at Synechron, said banks are no longer waiting for Article 50 to be triggered and so have set up committees, “with some already considering relocating staff to other cities around Europe.”

Joost Loves, also managing director at Synechron explained that “whether London pursues the Norway option or the Swiss model will be a nod to what regime the financial centre views as a better model.”

He added: “Perhaps most importantly, the rift between the UK and continental Europe is likely to widen."