Friday 24 November 2017

Reports of London's demise are greatly exaggerated

Canary Wharf in London. Several firms have threatened to leave London if the UK exits the EU but they cannot move to Dublin because of the lack of office space. Pic: Bloomberg
Canary Wharf in London. Several firms have threatened to leave London if the UK exits the EU but they cannot move to Dublin because of the lack of office space. Pic: Bloomberg
Ronald Quinlan

Ronald Quinlan

The reports of London's imminent demise as one of the world's financial capitals appear to have been greatly exaggerated judging by the comments of investors at the recent MIPIM UK property trade show to Property EU.

Guy Hands, chairman and CIO of Terra Firma, one of Europe's largest private equity firms, summed it up, saying:

"People should take a long-term view.

"One of the big mistakes the Europeans are making is to believe that they can somehow take the financial services business out of London and plonk it in Frankfurt, Paris or Amsterdam.

"There is no way Paris or Frankfurt will replace London in my lifetime or my children's lifetime."

Sunday Independent

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