Lord Mayor of London: Brexit a ‘short-term’ issue
Brexit is a “short-term frustrating issue” that will be overcome in time, the Lord Mayor of London said Tuesday during a visit to Hong Kong to tout the British capital’s attractiveness for business even with the looming threat of Britain leaving the European Union without a deal.
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Brexit is scheduled to take place on March 29 but financial markets appeared to take a fairly benign view of the defeat of Prime Minister Theresa May’s Brexit deal last month, possibly believing Britain’s departure may be delayed.
Britain’s focus on future industries such as electric vehicles and companies offering online financial products is driving a surge in foreign direct investment, which hit an all-time high last year, Estlin said.
Companies within the City of London have prepared individually by ensuring they have “continuity of operations under any regime,” while regulators have ensured a smooth transition by deploying temporary measures both inside Britain and the EU, he said.