Merkel crushed as ‘more financial services in Canary Wharf than whole of Frankfurt’

Financial services

Brexit negotiations with the EU started up again last week, with talks on financial services. After months of wrangling, new rules for trade were finally agreed on Christmas Eve, just days before the year-end deadline. But in a document spanning over 1,200 pages, there was very little mention of financial services: a sector which accounts for seven percent of the UK’s economy and 10 percent of its tax receipts.

Source: Merkel crushed as ‘more financial services in Canary Wharf than whole of Frankfurt’

 

It’s great to see Boris Johnson flexing the might and muscle of London’s financial services. It’s clear in the statement from Boris that the EU have no chance in competing with the financial services in London. Boris took a swipe at German chancellor Merkel saying: "One tube stop away and you’ll be in Canary Wharf where, along with its older siblings in the City, trillions of pounds in capital are being raised for every venture you can think of, from French construction to African telecoms to American cancer-curing drugs."It may give you some idea of the scale of the financial services in London when I say Canary Wharf alone is a bigger banking centre than the whole of Frankfurt."We have the tech, tech of all kinds and we have, by far, the biggest tech sector anywhere in this hemisphere."

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