Did the City of London Become the Biggest Financial Centre in the World Because the Brits are so Good at Finance or…
…was it anything to do with the fact that London is the gateway for global firms to access the biggest market in the world ?
In addition, for the last 30 years Britain has been the most open commercial country on earth outside of financial services too. The UK government partly by design but partly through accident created the most investable market for international firms. It never stood in the way when companies looked to acquire our great institutions and important infrastructure. And they all flocked here, because of our access to the EU.
Combined with our very strong commercial and property laws we had the perfect platform for this country to receive investment and sit at the top table of international commerce. We all benefited, the country grew, and it was in large part because we were a member of the EU.
The foreign direct investment we received put us 2nd globally behind the US. Figures released by the OECD last Friday showed inward investment into Britain slumped by $181bn over the last year; outward investment has boomed by $120bn. This is one of the biggest one-year turnarounds by any country ever recorded.
We were absolutely at the centre of the greatest free trade area in the world. 27 member states, another 31 countries with free trade agreements and another 30 countries with provisional deals about to be done.
No problem though. I heard our esteemed foreign secretary Boris Johnson on the radio a few weeks ago talking with great positivity about the trade deals that we can strike with the Commonwealth after Brexit. There are some very exciting fast-growing economies in that area, but nothing has stopped us selling to them previously.
I keep hearing from Brexiteers that after we leave the EU ‘we will be free to negotiate our own trade deals’ as if somehow being in the EU has stopped us selling to the rest of the world. Who is Germany’s single biggest export market ? China.
Our GDP figures for Q1 showed that we grew at the slowest rate for 5 years. I can’t find any good news at present. In my market I know that London fintech firms are struggling to find staff as Europeans leave. In the last 3 months for the first time in 7 years we have hit our monthly caps for international visas, meaning employers are struggling to fill gaps in their staff.
All this is without even considering the human element. I have more than a few European friends in London, many of whom have lived here for decades, who now look at the UK in a completely different way following Brexit and are considering leaving. I have one friend who is Italian who does not like speaking in the street anymore as she is scared of the anti-European reaction she may receive.
And through all of this, I can’t find any rational debate. I hear Nigel Farage and his cohorts spouting a load of emotional little Englander nonsense, but I have never once heard an argument from a Brexiteer that explains to me how this great new exciting world will come about all of a sudden after Brexit.
The main argument is that the referendum was all about democracy and we can’t go against the will of the people. But in reality, how many of the 52% who voted out, really understood the ramifications of what they were voting for ?
So let’s get a LinkedIn debate going. I’d love to hear from Brexiteers who can explain to me what we will gain after 29th March next year.
Over to you lot...
SENIOR BUSINESS & TECHNOLOGY LEADER: PRODUCT INNOVATION - My expressed views are personal and are not the opinions of my employer, AWS
5 年As an Italian I can tell you to beware of the italian drama queens. Drama is our way of life. I am in London very often, I have the most obnoxious Itanglish accent you can imagine and as an Italian I am as loud as hell when I speak (not to mention the fact you need to stay away from my constantly moving hands and arms while I speak). Nobody treated me any different after Brexit than I have ever been treated before Brexit, weather in the street, in any public or private office, in the tube, in a pub, at a restaurant or anywhere else.
Providing solutions for the global search and recruitment industry.
6 年Reality https://www.youtube.com/watch?v=u1uJaJddzP4
Project Management & Engineering Consultant ? 24 Years’ Experience in Civil, Structural & Geotechnical Engineering
6 年I think it’s an incredible opportunity for Britain to strike it out on their own. THe EU project is a sinking ship. It will implode in next 10 years max. Brexit is about damage limitation. Short term pain for long term gain. That’s all it is. We just need the govt to agree to clearly good exit deal (if they can). EU will keep on suffering because of Germany’s desire to rule the continent. It’s just a big shame.
The Expertise Network
6 年Depends on your perception. [email protected] https://www.indusguru.in
-- CORPORATE FINANCE & CORPORATE GOVERNANCE -- Msc Business Law & Tax ; Mcs Finance & Acounting ; MBA ; Sciences-Po Paris
6 年I am not going to express any brexiters’ views, unfortunately for the debate you are looking for, Miles. . I spent and enjoyed more than 3 years of my life, from London to Cranfield, Leeds or Aberdeen and some other places in the UK, and I just can support your views. I, also, travelled, worked and exchanged with people in +/- 15 countries. Now, being a resident of the Hauts de France region, that of Calais, Dunkerque and Boulogne, I belong to those at the forefront of what we view as Brexit opportunities on our side. This said, I believe that, although there could be for us some positive short to middle term consequences of the Brexit; by far we would all be much better off on the long run, should the UK remain within the EU. Any chance of such outcome has not yet fully disappeared for the EU at large. But, should there be some last minute agreement prior to March 2019, in no way would the UK benefit from the status it used to enjoy prior to the Brexit referendum. Anyway one can look at the issue on a UK perspective, there will be a loss. The worst in those circumstances is that the most vocal Brexit advocates during the campaign keep parading today, no matter what their demises can have been in the meantime, and there have been.