Wednesday 27 January 2021 8:47 am

City of London chief: Brexit impact 'not at all catastrophic' as Square Mile will thrive without EU access

Brexit’s impact on London’s loss of financial business has not been catastrophic, the chief of the City of London Corporation said this morning.

Catherine McGuinness, political leader of the Square Mile’s ruling body, insisted the City will thrive even if the European Union “irrationally” blocks access.

London has endured business and job losses since the referendum as financial services were overlooked during divorce negotiations, cutting the City off from its biggest single customer.

“It’s disappointing to lose business but it’s not at all catastrophic,” McGuinness said according to Reuters. “We are very confident in London’s basic strengths and that we will make up business elsewhere.”

“No matter what happens, London will continue to thrive,” she added.

McGuinness said that she did not want the government to light “a bonfire of regulations”, affirming that the city is not looking for a move away from international standards.

London’s Brexit job losses to the EU are estimated to be around 7,500, much lower than investment consultant Oliver Wyman’s 2016 prediction of up to 75,000.

The City dominates the world’s $6.6 trillion-a-day foreign exchange market and is the second biggest global centre for international banking after New York.