About: City of London
Paris aims to become Europe’s top financial hub in post-Brexit world
London is currently Europe's leading financial centre but the French authorities dream of seeing Paris in the lead. However, it remains to be seen if the City will lose access to European markets after the UK-EU negotiations this year. EURACTIV's partner EUROEFE reports.
London’s bankers – pioneers of green finance?
Last week, the UK became the first major industrialised country to pass a law to reduce its carbon emissions to zero by 2050. Now London is publishing a strategy for redirecting global financial investments into climate-friendly projects. The idea of bankers investing in the environment should sound less paradoxical in the future. EURACTIV Germany reports.
Brexit turns EU into landlord in the City of London
The European Medicines Agency is looking to sublet its former headquarters in the financial district of London, after a British court ruled on Wednesday (20 February) that it cannot break its lease despite the UK’s withdrawal from the EU.
Commission defends ‘equivalence’ with UK for financial services
European Commission Vice-President Valdis Dombrovskis told the UK’s financial sector on Tuesday (24 April) that the EU and UK regimes could co-exist together after Brexit, but warned that London would not have a say in the decision-making process.
Paris ahead of Frankfurt for Brexit City jobs
While banks in London have drastically scaled back their post-Brexit relocation estimates, they are now favouring France to Germany, according to a survey led by Reuters. EURACTIV’s partner La Tribune reports.
Brexit financial services deal will be difficult
The industry has accepted that so-called “passporting” rights will not be possible after Britain leaves the EU. The concept of “equivalence” has been mooted as a solution but even agreeing to that will be difficult, writes Mark Boleat.
UK watchdog calls for finance pact with EU to avoid Brexit chaos
British and European Union watchdogs could sign a pact to avoid Brexit disrupting trillions of pounds in cross-border financial contracts and undermine market stability, a top UK regulator said yesterday (5 February).
Goldman CEO has high hopes for London HQ post-Brexit, despite uncertainty
Goldman Sachs chief executive Lloyd Blankfein expects to fill the firm's new European headquarters which is currently under construction in London, but said Britain's exit from the European Union left much outside the bank's control.
EU lawmakers tentatively back Brexit clearing law that could clobber Britain
European Union lawmakers on Tuesday (10 October) gave broad support to a law that could end the City of London's global dominance in clearing euro-denominated financial contracts after Brexit.
UK finance sector fights to preserve ‘passporting’ rights
The UK's financial sector is seeking an "ambitious" trade pact between Britain and the EU to try to prevent a costly shift of jobs and business to the continent once the country leaves the bloc, according to a draft report seen by Reuters.
Demand to rent UK commercial property falls to 5-year low
Demand to rent British commercial property levelled off for the first time in almost five years during the past three months, as online shopping hurt high-street retailers and Brexit and election worries unsettled other potential tenants.
EU seeks post-Brexit powers over London euro clearing
The EU unveiled plans Tuesday (13 June) to give itself powers to force a huge slice of London's banking business out of the UK after Brexit in a blow to the city's supremacy as a global financial hub.
EU declares Brexit battle over euro clearing
The EU fired a fresh salvo at the UK on Thursday (4 May), proposing fresh rules that would require a huge slice of London's banking business to leave the UK after Brexit.
Britain could lose 4,000 Deutsche Bank jobs over Brexit
Deutsche Bank could move up to 4,000 jobs away from Britain, the group's compliance chief said Wednesday (26 April), as Germany's largest lender struggles to work out the consequences of Brexit.
EU warns Britain: Don’t assume free trade deal for the City
European Union leaders will warn Britain it cannot assume its big financial services industry will be included in any free trade deal after Brexit, diplomats said on Monday (24 April) after fixing negotiating terms in a draft document.
Jobs hold fast in shadow of Brexit… for now
Britain’s labour market has so far been resilient, but salaries could fall as a result of increased competition after the country exits the EU.
EU regulators scupper stock market merger on Brexit day
EU antitrust regulators vetoed a proposed €29 billion merger of Deutsche Börse and the London Stock Exchange on Wednesday (29 March), just as the UK triggered divorce talks with the EU.
As Brexit talks loom, EU dodges early clash with City of London
The European Union will not pick an immediate fight with the City of London over its right to clear euro-denominated securities, EU officials said on Monday (27 February) , as Britain prepares to trigger the process of quitting the bloc.
72% of UK bankers think London will keep ‘financial centre status’ post-Brexit
Almost three-quarters of British bankers believe London will still be the financial centre of Europe in five years' time, despite risks surrounding Brexit, according to a study published Wednesday (2 November).
French financial regulators throw open their arms to the victims of Brexit
France will accelerate and simplify the registration of financial companies looking to leave the City of London ahead of the UK's exit from the EU, the country's regulators announced on Wednesday (28 September). EURACTIV’s partner La Tribune reports.
5,500 UK-based finance firms could lose EU ‘passporting’ rights
The 'passport' rights allowing 5,500 British-based financial firms to operate freely across the European single market are at stake in the fallout from Brexit, posing a 'significant' risk to the finance sector, the country's financial watchdog has revealed.
UK banks to lose EU ‘passport’ post-Brexit, warns ECB boss
Financial institutions based in Britain will lose so-called passporting rights allowing them to operate across the European Union unless post-Brexit Britain is at least part of the European Economic Area, ECB policymaker Jens Weidmann has said.
Capital flight: The City will decline outside EU, and Britons will be the poorer for it
The effects of Brexit may not be felt immediately, but it spells the end of the City as we know it. The last 15 years will go down as London’s golden age and be sorely missed, writes Nicolas Véron.