Published On: Mon, Apr 8th, 2024

Brexit news: Economist dismantles Remoaner scaremongering about City of London | World | News

A leading economist has torn apart Brexit scaremongering in London. In a heated exchange over the impacts of Brexit on the economy, Henri d’Anselme, economist and founder of Semper Fidem, delivered a scathing rebuttal to Remainer Liz Webster’s claims, dismissing them as unfounded scaremongering.

Webster, the Founder of Save British Farming, had raised concerns over Brexit‘s effects on the City of London, citing instances of equity trading shifting to Amsterdam, decreased London volumes compared to Paris, and the relocation of IPOs and senior banking roles to other European centres.

However, d’Anselme was quick to counter each point, labelling Webster’s arguments as ill-informed.

He emphasised that the relocation of equity trading was inconsequential in terms of revenue, as it was not even mentioned in the London Stock Exchange Group’s annual report. Moreover, he attributed the increase in trading volumes in Paris to the amalgamation of stock exchanges within Euronext, rather than Brexit.

Regarding IPOs, d’Anselme highlighted that the competition for listings among exchanges was minimal, as stated in Euronext’s own annual report, thereby debunking claims of Brexit benefiting other European centres.

He also emphasised that listing activities only represented a small fraction of revenue for financial institutions, rendering Webster’s assertions regarding their significance misguided.

Addressing the purported exodus of senior banking roles from London, d’Anselme dismissed Webster’s vague metaphors, urging a focus on hard data. He pointed out that recent revisions to job loss projections post-Brexit had been downward, with the impact on financial services jobs being minimal.

Contrary to Webster’s concerns, d’Anselme expressed optimism about the opportunities Brexit presented for the City of London. He argued that deregulation and diverging from EU regulations could rejuvenate the City’s competitiveness, echoing sentiments of reclaiming its past success.

He wrote: “Since Brexit actually happened, my predictions, which were the least pessimistic, have been proven to be too pessimistic. In large part, because most of the trade with EU counterparties happens within London, between investment banks and the UK subsidiaries of EU banks.

“Which is why this is so funny ‘EU rules on bank risk are tightening, requiring managers to be in not out the EU’. ‘Managers’, what on earth is she talking about? This is word salad.”

Proposing recommendations for the City to weather the challenges ahead, d’Anselme suggested abolishing certain regulatory requirements and reforming pension regulations to bolster equity ownership.

He stressed the need for UK politicians and regulators to adopt approaches that historically propelled the City’s success.

While acknowledging the formidable headwinds facing the City, d’Anselme concluded on a hopeful note, citing signs from the London Stock Exchange Group as grounds for optimism in navigating the post-Brexit landscape.

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