City of London policy chief says Brexit forecast "looking rather better"

 
Mark Sands
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The UK voted to leave the European Union on 23 June last year (Source: Getty)

The Square Mile's outlook has improved since the triggering of Article 50, City of London policy chief Mark Boleat has said.

Prime Minister Theresa May formally launched Brexit proceedings with a letter to EU Council president Donald Tusk in late March, and Boleat, who supported a Remain vote in the referendum, said he is confident that London would remain a leading financial hub.

The City policy chief said that while some relocations would take place, "nobody is going to say 'we are closing down in London'".

"On the whole, I think things are looking rather better," Boleat told newswire AFP.

"We would hope that the negotiations go quickly and go well.”

Read More: Maintaining London’s euro-clearing crown is vital to EU as well as the UK

Boleat also hit back at some EU politicians who want to thwart London’s dominance of the euro-denominated clearing market.

"The clearing is done in London because that is where the expertise is. That's where the market is. Brexit will not change that," he said.

"Euro clearing is already a political football – but we hope that economic reality will determine the outcome, not a wish to have a trophy function move to another place."

Read More: The UK must win the battle for parallel Brexit talks

And the City of London chief added the recent announcement of a new Lloyd's operation in Brussels was not indicative of a broader range of activity leaving the capital.

"It's Lloyd's of London. The vast bulk of its business will stay in London. It will not be Lloyd's of Brussels," he said.

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