‘Brexit was necessary’ City chief speaks out as London ‘DOMINATES!’

Boris Johnson quizzed by Chris Bryant on Brexit and Hancock

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Alex Story, a senior advisor at a city brokerage where he works closely with asset managers and financial institutions, said Brexit was a “reminder” London has the “upper hand in the financial world”. Mr Story told VC Magazin: “Brexit was necessary.

“It was a reminder that, while London has the upper hand in the financial world, it does not have the upper hand in politics.

“A country can only go its way peacefully if it creates a broad consensus that most can accept.

“London and the UK are, by and large, very welcoming places for people and business.

“Britain has not changed as a result of Brexit.

“It’ll stay what it always was: a great place to do business, enjoy French food, drive home in the latest German car, and watch an American movie on Japanese hardware.”

When asked about the UK start-up scene, Mr Story went on to say how “London dominates” thanks to Brexit.

He continued: “London dominates – and not just in the start-up scene.

“That is partly the reason for Brexit.

“The north of England is basically an internal growth market.

“In recent years, venture capital funds like Maven, Albion and Catapult have multiplied in places like Manchester, Newcastle, Leeds and Liverpool.”

This week, London regained its first place in European equities trading since being briefly overtaken by Amsterdam.

In reaction to this the president of French union UPR, Francois Asselineau, tweeted: “Not only is the post-Brexit apocalypse still not in sight, but it is in France and in the Eurozone where things are going from bad to worse.”

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He also tweeted: “This is yet another proof that the dreadful prophecies of the Europeanists about Brexit were nothing but bogus stories to scare children.”

The City of London has returned to become the leading financial centre in Europe for stock trading after regaining its equity trading position ahead of Amsterdam.

One of the main reasons for London has regained its dominant position is because it reinstated the trade in shares of Swiss companies.

This week, a financial expert claimed Brussels has “failed and failed badly” in its attempts to “destroy” the City of London.

Financial expert and author Matthew Lynn argued the EU believed it could “regulate its way to victory” and diminish London as a global financial centre after Brexit.

However, Mr Lynn added the bloc’s “all stick and no carrot strategy was never going to work”.

He said the EU should have carved out “a financial free trade zone, with lower taxes, easier employment rules, and lighter regulation”, adding this would have been “a threat to the City of London”.

Writing in the Daily Telegraph, he said: “But, Brussels has long since forgotten that business needs incentives.

“It sticks rigidly to the dogma that threats are always enough.”

Mr Lynn then claimed the EU thought the banking sector in the City of London “would all move to Frankfurt” after Brexit.

Additional reporting by Monika Pallenberg

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