The ultimate winners of banks deserting Brexit-bound London will not be rival financial hubs in Europe but New York and Asia, the British capital's mayor warned today.
Sadiq Khan spoke to AFP at the World Economic Forum shortly after Prime Minister Theresa May told the meeting in Davos that Britain would remain open for business, even as some banks start shifting jobs from London to Europe.
While May insists that Britain will abandon the EU's common market, Khan said she should press still in Brexit negotiations for "privileged access" to the trading area and for London to have the ability to hire the right talent from abroad.
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After meeting Norway's prime minister, Khan said he was telling European partners in Davos that "so-called hard Brexit may not benefit London or the UK because firms will leave London, but there's no guarantee they're going to go to Paris, Madrid, Frankfurt or Berlin".
"The reality is they'll probably go to Hong Kong, Singapore or New York. So a so-called hard Brexit could be a lose-lose, a lose for London and the UK, and a lose for the EU too," he said.
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