Brexit LIVE: Take THAT, EU! Brexit Britain retains crown as European finance centre – Daily Express

Brexit: Sunak outlines UK financial services sector plan in 2020

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The Z/Yen Group, a financial think tank, said the City beat rival European centres, including Paris, Frankfurt and Amsterdam in its latest global financial centres index. The three rival cities 10th, 14th and 17th, respectively with the report stressing London performance “reflects confidence in the longer-term prospects for the centre”.

The report makes clear the City has successfully navigated its way through Brexit as well as COVID-19.

Globally, London came second only to New York.

It comes as the UK is hoping to strike a deal over the British financial sector’s role in Europe, which would allow for mutual recognition of financial service rules between London and Brussels.

But despite a “memorandum of understanding” being provisionally agreed in March this year allowing for engagement on financial industry matters, no “equivalence” deal for the sector has been signed.

Mairead McGuiness

Mairead McGuiness, the EU’s finance chief is refusing to argee an equivalence deal (Image: Getty/PA)

Rishi Sunak

Rishi Sunak has urged the EU to argee on a financial services deal (Image: Getty)

Z/Yen chiefs said in the report: “The relatively strong performance of New York and London suggests that the financial services sectors in these cities managed to sustain their performance despite radical changes in working practices during the last 18 months.”

Michael Mainelli, executive chairman of Z/Yen, added: “We see two patterns in the results – confidence in the recovery of the North American and Western European economies following the shock of 2020; and a levelling off following the rapid rise of Asia/Pacific centres and their economic stability in the COVID-19 pandemic.

“Competition remains tight.

“Outside the top two centres, only five points on a 1,000 point scale separate the centres ranked third to eighth.”


City of London

The City of London is a key financial centre (Image: GETTY)

CBI chief says current labour shortages are ‘a little bit of a Brexit hangover’

The head of the CBI says current labour shortages are “a little bit of a Brexit hangover” as the Government considers relaxing visa rules.

Tony Danker told BBC Breakfast: “We had several drivers go home that we wouldn’t have wanted to go home and I think there is this bigger question of the immigration system, and it’s a complicated one.”

He continued: “Essentially the Government said ‘look, post-Brexit, let’s have an immigration system that only lets in the skills we need, not the skills we don’t’.

“Well, I think what we’re realising is there are some skills we need in the short run, we need to bring them in (but) not forever.”

Richard Percival

AA President says fuel shortage caused by ‘panic-buying’

The president of the AA says panic-buying rather than supply chain issues is driving the shortage of fuel at some petrol stations.

Edmund King said the problem should pass in a matter of days if drivers just stick to filling up when they need it, adding “there is plenty of fuel at source”.

Speaking to BBC Breakfast, Mr King said shortage of lorry drivers had only been a “localised problem” earlier in the week.

His words come ahead of an expected announcement by the Government that visa rules for foreign lorry drivers will be relaxed.

Richard Percival

Macron’s team issue final ultimatum in tense Channel fishing dispute

France has issued a final ultimatum to the UK and Jersey ahead of a crucial deadline on access for fishing vessels in the English Channel.

An amnesty period allowing French vessels unfettered access to Jersey waters is due to expire on Thursday, September 30.

With four days to go before the deadline, French ministers last night accused the British of not respecting their commitments on fishing as part of the Brexit agreement.

The French Ministry of the Sea has requested 169 definitive licences for access to Jersey waters for French fishermen, instead of interim permits.

Jersey fishing row

Talks are ongoing to resolve the fishing dispute (Image: SWNSMacron’s team issue final ultimatum in tense Channel fishing dispute)

Richard Percival

10 days to avoid Christmas disruption, warn retailers amid driver shortages

Retailers have warned the Government that it has just 10 days to save Christmas from “significant disruption” due to the HGV driver shortage.

The British Retail Consortium (BRC) has warned that disruption to festive preparations will be “inevitable” if progress is not made to solve the shortfall of around 90,000 lorry drivers.

The stark warning came as BP, Esso and Tesco petrol forecourts were impacted by challenges getting petrol deliveries.

Richard Percival

Stopping benefits to EU citizens without settled status ‘unnecessary’, says SNP

Halting benefit payments to European citizens living in the UK who have not yet applied for settled status is “unnecessary” and could force some into homelessness, the Work and Pensions Secretary has been told.

Jenny Gilruth, Europe minister with the Scottish Government, raised her concerns about the move in a letter to Therese Coffey.

After the UK left the European Union, EU nationals were given until June 30 to apply for settled status – with this giving them the right to live, work and study in Britain, as well as use the NHS and receive any benefits they might be eligible for.

Ms Gilruth said that after the deadline for applying to the EU Settlement Scheme (EUSS) had passed, the Department for Work and Pensions continued to make social security payments to EU citizens who had not done so.

But, in a letter to the Work and Pensions Secretary, she said she understood that the UK Government is “suspending these payments at the end of September and discontinue them completely from the end of October”.