GBP 800billion returns to City of London after Brexit, say reports. Here is what we know about it

In contrary to the apprehension of those who opposed Brexit, the City of London has proved its resilience with the return of almost GBP 800 billion in hedge fund cash. Reacting to a European Union news report, financial analyst David Buik has said that notwithstanding Brexit, London remains far and away the continent's pre-eminent financial centre in comparison with Paris and Amsterdam. It has also been claimed that despite apocalyptic predictions that the City of London would see more than 70,000 jobs relocated elsewhere after Brexit, the actual figure is barely a tenth of that.

London demonstrates resilience

Talking to 'Express', David Buik said, "When it was announced that we were leaving, fund managers took a hell of a lot of money out of this country, about a trillion dollars’ worth or £800billion. I was having a conversation with the Lord Mayor about a month ago, and he told me that it was his understanding that most of that money has returned to the UK."

"GBP 800billion returned to London after Brexit"

The financial pundit said that he did not mean that the same money had returned, rather he meant that this was the amount of money that had returned. He said further, "The reason why is that it's all very well hanging people out to dry in retribution for Brexit but at the end of the day, you have to be pragmatic."


Buick said that centres like Paris, and Amsterdam did very well after Brexit. Calling these places Mickey Mouse centres' in comparison to London he said he is right in saying that Paris, which is probably the largest, is not even in the top 10 in the world.

The financial analyst said the City of London has demonstrated its resilience in recent years. But he also warned putting it in context, conditions at the moment at some of the medium-sized brokers are not good, because the business isn't there.

He added, "You only have to look at Morgan Stanley's and Goldman Sachs' share prices which always thinks very important because they are both underwater. Morgan Stanley is about 12 percent below the Plimsoll line and then I think Goldman Sachs is at about three percent."

FAQs:

How has the City of London proved its resilience after Brexit?
The City of London has proved its resilience with the return of almost GBP 800 billion in hedge fund cash. Besides, contrary to the apprehension that the City of London would see more than 70,000 jobs relocated elsewhere after Brexit, the actual figure is barely a tenth of that.

Why did David Buik call Paris and Amsterdam Mickey Mouse centres?
Buick said that centres like Paris, and Amsterdam did very well after Brexit. Calling these places Mickey Mouse centres' in comparison to London he said he is right in saying that Paris, which is probably the largest, is not even in the top 10 in the world.