City of London policy chief Mark Boleat has warned it is “inevitable” that the Square Mile will lose business as a result of Brexit.
Speaking at the City of London dinner tonight (27 October), Boleat warned that New York will likely be the biggest beneficiary of any jobs losses resulting from the UK's departure from the EU.
“To the extent that some activities will no longer be able to be conducted from London, there needs to be suitable transition arrangements so that there is not unnecessary harm to employment and the economy generally,: Boleat said.
“And it is not a question of the number of jobs being lost in the UK being matched by jobs gained elsewhere in the EU 27.
“It is already apparent that the biggest beneficiary of any job losses in the UK will be New York, and some employment will simply stop as the volume of business can no longer be supported by the higher costs.”
However, a fellow member of the City of London's policy committee Alex Deane hit back: “I thought that our Chairman's role was to talk up the City and promote our prospects. Pity I was wrong.”
His comments came as London mayor Sadiq Khan warned that the government was “shrugging off” the concerns of the City in its approach to Brexit.