This report highlights the damage that Brexit has already done to the City of London. More than 440 firms in banking and finance have moved or are moving part of their business, staff, assets or legal entities from the UK to the EU. While this is higher than previous estimates, it underestimates the real picture – and the potential longer term impact.
In the past few weeks, it has been quite surprising to see how many people appear to be surprised that the UK’s financial services industry / the City ended up with so little from the Brexit deal, or that there would be an immediate impact on some parts of the industry. This short paper summarises […]
This report shows that post-Brexit capital markets in the EU will be significantly smaller and less developed relative to GDP than they are today – and that the UK’s current dominance of EU capital markets activity will be replaced by the dominance of France and Germany. The report also raises some difficult questions over the future relationship between the EU and UK in key sectors.
With less than two months to go until the UK officially leaves the transition period, this event will focus on the options ahead for the UK on the other side of Brexit. In our report we included a ‘playbook’ of 25 recommendations in four key areas on how the UK can respond to Brexit, including: […]
This report analyses the shifting trends in European and global markets and identifies the big strategic choices the UK will need to make in the coming years on the future of banking and finance, capital markets, and the City of London.
For all the focus on coronavirus in the past few months, Brexit has not – of course – gone away. As things stand the UK financial services industry is hurtling towards leaving the transition period at the end of this year with a pretty thin deal. Some of the topics we are likely to discuss during our […]
Over the past few months the debate on equivalence – an arcane but vital part of the future of the City post-Brexit – has generated as much heat as it has light. This report cuts through the confusion and summarises how EU equivalence works, the benefits it provides, the trade-offs it involves, its limitations, what it is not and what it doesn’t achieve.
The future of UK trade and influence in the wake of Brexit – with Sir Simon Fraser, managing partner of Flint Global and former head of the Foreign & Commonwealth Office
A private breakfast with Sir Simon Fraser, managing partner of Flint Global and former head of the Foreign & Commonwealth Office, as part of our series on the future of UK trade and influence in the wake of Brexit.
The future of EU capital markets post-Brexit – with Robert Ophèle, chairman of the Autorité des Marchés Financiers
A private dinner with Robert Ophèle, President of the French regulator the Autorité des Marchés Financiers to discuss ‘The future of EU capital markets post-Brexit’. Some of the key topics for discussion will include: The headline French perspective on Brexit from a financial services perspective Brexit relocations and the future of financial centres in the EU […]
This updated report provides the most comprehensive analysis yet of the impact of Brexit on the City and the wider banking and finance industry. More than 330 firms in banking and finance have moved or are moving business, staff, assets or legal entities away from the UK to the EU – and these numbers are likely to increase in the near future.
Few countries are as closely bound the to the EU without being part of it as Switzerland. Since Ambassador Fasel spoke at a New Financial dinner last year, the Brexit quagmire has deepened and tensions in Switzerland’s own relationship with the EU have increased and spilled over into the withdrawal of equivalence for Swiss stock […]
This report shows that post-Brexit capital markets in the EU will be significantly smaller and less developed relative to GDP than they are today. The UK’s current dominance of EU capital markets activity will be replaced by the dominance of France and Germany.
This dinner continues our series of events with European policymakers to discuss the different EU perspectives on the future of capital markets post-Brexit. Burkhard Balz is a member of the Executive Board of the Deutsche Bundesbank. From 2009 until 2018, he served as Member of the European Parliament and was an active member of the […]
The City may not like the hand it has been dealt by Brexit – but there is a lot more to it than being hung out to dry by the government Thrown under a bus, hung out to dry, or sold down the river: you don’t have to look very hard to find a lot […]
This report provides the most comprehensive analysis yet of the impact of Brexit on the City and the wider banking and finance industry. More than 250 firms in banking and finance have moved or are moving business, staff, assets or legal entities away from the UK to the EU – and these numbers are likely to increase significantly in the near future.
‘Brexit & financial services: the Luxembourg perspective’ – breakfast with His Excellency Jean Olinger, Luxembourg’s Ambassador to the UK
Luxembourg may have a population smaller than Birmingham (with just 600,000) but it is at the heart of the EU and a key international financial centre for funds, private banking and insurance. It has been actively pitching to win business forced to relocate from the UK as a result of Brexit. Ambassador Olinger will lead […]
Ireland has been front and centre of the Brexit debate with a the Irish border proving to be one of the most challenging issues to overcome. The financial sector in Ireland is closely linked to the City and the UK, and Dublin has been one of the most popular destinations for firms in the UK […]
‘The politics of Brexit: the Polish perspective’ – breakfast with His Excellency Arkady Rzegocki, the Polish Ambassador to the UK
This breakfast event is part of our series on the European perspectives on Brexit that has included recent discussions with the Belgian, Swiss and Dutch Ambassadors, and senior policymakers from BaFin and the Bundesbank. In the next few months we’ll be hosting the Central Bank of Ireland, the Luxembourg Ambassador, and the French Treasury. Poland […]
As the UK enters the final stages of the Brexit negotiations, we are delighted to welcome Nicky Morgan, MP for Loughborough and chair of the Treasury Select Committee, to share her perspectives on ‘Brexit: the future of regulation & the future of the City’. As a prominent ‘Brexit rebel’ and former Treasury minister, Nicky has a […]
This is the latest in our series of Brexit events focusing on the perspective of the rest of the EU. With the clock ticking on the final stages of the Brexit negotiations with the EU, we are delighted to welcome back Kay Swinburne MEP to discuss ‘Brexit: the view from Brussels’. The discussion will focus […]
Our unique index measuring the value of domestic and international banking and financial markets activity across nearly 30 metrics in nearly 50 countries shows that the US is by far the world’s top financial centre with the UK taking the second place – well ahead of other European countries.
Brexit, the future of regulation in Europe & the future of the City – dinner with Sir Howard Davies, chairman of the Royal Bank of Scotland
Sir Howard Davies’ is uniquely positioned to address some of the most critical questions about Brexit, the future of regulation in Europe, and the future of the City of London. During the event, members will discuss the short and longer-term impact on the City of London as a financial centre and the best ‘deal’ that […]
Steven, also known as Mr Mifid, is perhaps the most powerful regulator in global finance today. The recent delayed introduction of Mifid II, the most ambitious and wide-ranging reform of its kind, has touched almost every corner of finance in the EU and beyond. At this dinner (his second with New Financial) Steven will discuss […]
‘The Swiss perspective on Brexit’ – dinner with His Excellency Alexandre Fasel, the Swiss Ambassador to the UK
Few countries are as closely bound the to the EU without being part of it as Switzerland. The relationship between Switzerland and the EU is governed by more than 20 main bilateral agreements and around 100 minor ones. At this dinner, Ambassador Fasel will discuss the Swiss perspective on Brexit; what the UK can learn […]
‘The Belgian perspective on Brexit’ – breakfast with His Excellency Rudolf Huygelen, the Belgian Ambassador to the UK
With a number of firms such as Euroclear, Lloyd’s of London & Moneygram announcing plans to move parts of the business to Belgium, the role of Brussels as a potential destination for UK businesses will be a topic high on the agenda at breakfast with Ambassador Huygelen. He will also address the main Belgian and EU27 […]
Brexit, financial stability & the future of EU supervision – dinner with Andreas Dombret, Bundesbank
Dr Andreas Dombret is an executive board member of the Deutsche Bundesbank with responsibility for banking and financial supervision. At this dinner he will discuss the German perspective on Brexit with a particular focus on financial stability, the future of supervision and regulation in the EU27, and the prospects for post-Brexit collaboration between the UK and EU27. […]
The main benefit of a transition period is that it would reduce the risk of a ‘cliff-edge’ Brexit and buy more time for the UK and EU to negotiate a better long-term deal, but we think it is unlikely that any agreement can be reached early enough to prevent firms relocating significant numbers of staff. The good news is that an agreement on a transition period would be possible later next year – but only if the UK government changes direction in its negotiation strategy, and soon.
This dinner is part of our Brexit series and reflects our aim to include the views of important member states in the EU27 in the debate around the post-Brexit future of the European banking and finance industry. We published a paper earlier this year on ‘What the rest of the EU thinks about Brexit and […]
Brexit could have a significant impact on recruitment and jobs in the City of London – not least by highlighting structural challenges that will have a far bigger impact on the industry in the longer-term Another week, another set of numbers that send completely contradictory messages about the impact of Brexit on the City of […]
The politics of Brexit: the Dutch perspective – dinner with Simon Smits, the Dutch Ambassador to the UK
Much of the debate in the UK over the past year about the potential impact of Brexit on the City of London and European financial markets has inevitably been UK-centric. Too little attention has been paid to what the other 27 member states of the EU think – and why. This dinner with His Excellency […]