UK has ‘fantastic opportunity’ in financial services says Klarna CEO

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Remainers claimed Brexit would mean London is no longer Europe’s top financial hub. However, Project Fear warnings have failed to materialise as experts say relocations from the City have ended.

The head of Luxembourg’s government finance agency admitted moves from London are “basically over”.

Nicolas Mackel, chief executive of Luxembourg for Finance, told the Telegraph: “It’s obvious London is and will remain Europe’s most important financial services industry.

“The relocations were basically over after 2018.

“Why? Because the industry, at least the large players, wanted to be ready by March 2019, which was the initial date for Brexit.”

But Mr Mackel added that London will no longer be the “automatic choice” for attracting new business due to Brexit.

Miles Celic, chief executive at TheCityUK, echoed Mr Mackel that relocations from the City are over.

Mr Celic said that the “movement of capital and people as a direct consequence of Brexit is largely complete”.

The 2016 Brexit vote prompted warnings of a mass exodus from the City.

And there were fears earlier this year that the limited arrangements on financial services in the Brexit deal would impact London.

However, it is estimated that just 7,500 jobs have left for European hubs.

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Conor Lawlor at UK Finance said: “Fewer financial services staff have moved out of the UK than had originally been predicted although firms always keep such decisions under review.”

However, Mr Celic warned the UK against being complacent.

He insisted the country “must offer businesses a compelling reason to make Britain their global base of operations”.

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