France backs UK as banking mecca, denying Germany win in Brexit surprise
France backs UK as banking mecca, denying Germany win in Brexit surprise
Some in Brussels thought Brexit was a chance to reroute financial “plumbing” away from London but the banks still had eyes for the U.K.
After reading the article, I don't think it's as bad as the title makes it out to be.
The EU has more oversight in London than in Frankfurt, which is a positive imo.
Plus, France and Germany agreed to a lower percentage requirement to move into the EU (yet to be determined). So it's not that much of an animosity between the two biggest countries in the EU.
Looks like the UK is breathing a sigh of relief after this.
It's this a temporary respite or a more permanent thing?
I mean, no matter what, the UK was always going to remain pretty big in the finance sector.
The people who said that Frankfurt would be the new London were living in a complete fantasy world. It was never going to happen.
E: come on people, I know you desperately want your neighbour to fail, but be realistic. Frankfurt wasn't going to become the financial capital of the continent, that's laughable.
Frankfurt isn't London, and anybody who thought they could be has been comprehensively proven wrong, regardless of what their precious feelings are telling them.
Always is a strong word. we'll fuck it up somehow, just wait.
I won't hold my breath. Everybody's been saying for years that any day now London would crumble and all the banks will move to Frankfurt, and it just hasn't happened or even begun to happen.
It's just wishful thinking from people who seemingly want their neighbour to fail.
One of the main benefits of London was its easy access to the European market, combined with the British privileges.
If you read the article the theme of the disagreement also seems to most revolve around animosity between France and Germany. But there is no reason to believe that the UK can profit of this indefinetly.
So on what basis would you assume the UK finance sector to remain relevant to European business in the long run and it being taken over by an EU city being "a complete fantasy"? Given your assertiveness you surely must have an in depth knowledge you could share.
I mean London has been one of if not the centre of finance for what 300 ish years? Being part of the EU was definitely a plus and losing that has likely caused some business to move away but its not like London was a bit player in finance until it joined the EU in the 70s, seems natural to think it will remain a large player afterwards, if not as large as if it stayed in the EU.
London is still the financial capital of Europe, Brexit isn't changing that.
And it's not up to me to prove why Frankfurt isn't the financial capital of the continent, it's up to the people who claim it will be why they think so. What is it based on?
Come on. Give me the data. How is Frankfurt poised to overtake London as the financial capital of Europe. Everybody on the Reddit equivalent of this community has been saying it since day 1, that London's financial sector is doomed etc. but nothing has happened.
Downvote all you want, but it's true. People aren't choosing Frankfurt.
I'm sorry I hurt your feelings.