40 years: Executive leadership & banking
London has been a financial centre for centuries. Sir Mark Boleat discusses some of the reasons why London has achieved this status and how Brexit might impact this position.
London has been a financial centre for centuries. Sir Mark Boleat discusses some of the reasons why London has achieved this status and how Brexit might impact this position.
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6 mins 54 secs
London is currently deemed to be an international financial centre (IFC). Their role as an IFC is partly due to their rule of law, political stability, and high-quality education system, and partly due to the decisions of other countries that have made them less appealing to base businesses. Although not the sole reason for London’s IFC status, being a member of the European Union was a key advantage. Brexit will certainly impact London’s position.
Key learning objectives:
Explain London’s role as an IFC
Outline the features that have positively impacted London’s status as an IFC
Explain how Brexit will affect London’s position as an IFC
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London has been a financial centre for hundreds of years and its financial services business has been built up over that period for a variety of reasons, some intrinsic to London and the UK; others linked to decisions in other countries, such as the development of the Eurobond market as a result of tax changes in the US.
The European Union has provided a significant boost to London’s status as an IFC - implementation of single market measures meant that business could be done throughout the whole of the European Union from just one regulated and authorised business wherever that was located in the 28 EU countries.
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