Despite widespread uncertainty surrounding Brexit, capital and investment are not fleeing the City of London, according to Lord Mayor Peter Estlin. Brexit critics warn the city will be hit with widespread capital flight if Britain crashes out of the single market without a deal on October 31st.
The European Union claim over one hundred London-based asset managers and investment firms have obtained licenses to run new hubs outside of Britain. However, Lord Mayor Estlin told Sky News despite the rhetoric, no major business has “re-located lock-stock-and barrel to the continent.” “In fact, we have seen businesses coming into the city because they see London as key to their future."
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