Brexit: Sunak outlines UK financial services sector plan in 2020
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The Z/Yen Group, a financial think tank, said the City beat rival European centres, including Paris, Frankfurt and Amsterdam in its latest global financial centres index. The three rival cities 10th, 14th and 17th, respectively with the report stressing London performance “reflects confidence in the longer-term prospects for the centre”.
The report makes clear the City has successfully navigated its way through Brexit as well as COVID-19.
Globally, London came second only to New York.
It comes as the UK is hoping to strike a deal over the British financial sector’s role in Europe, which would allow for mutual recognition of financial service rules between London and Brussels.
But despite a “memorandum of understanding” being provisionally agreed in March this year allowing for engagement on financial industry matters, no “equivalence” deal for the sector has been signed.
Z/Yen chiefs said in the report: “The relatively strong performance of New York and London suggests that the financial services sectors in these cities managed to sustain their performance despite radical changes in working practices during the last 18 months.”
Michael Mainelli, executive chairman of Z/Yen, added: “We see two patterns in the results – confidence in the recovery of the North American and Western European economies following the shock of 2020; and a levelling off following the rapid rise of Asia/Pacific centres and their economic stability in the COVID-19 pandemic.
“Competition remains tight.
“Outside the top two centres, only five points on a 1,000 point scale separate the centres ranked third to eighth.”
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Stopping benefits to EU citizens without settled status ‘unnecessary’, says SNP
Halting benefit payments to European citizens living in the UK who have not yet applied for settled status is “unnecessary” and could force some into homelessness, the Work and Pensions Secretary has been told.
Jenny Gilruth, Europe minister with the Scottish Government, raised her concerns about the move in a letter to Therese Coffey.
After the UK left the European Union, EU nationals were given until June 30 to apply for settled status – with this giving them the right to live, work and study in Britain, as well as use the NHS and receive any benefits they might be eligible for.
Ms Gilruth said that after the deadline for applying to the EU Settlement Scheme (EUSS) had passed, the Department for Work and Pensions continued to make social security payments to EU citizens who had not done so.
But, in a letter to the Work and Pensions Secretary, she said she understood that the UK Government is “suspending these payments at the end of September and discontinue them completely from the end of October”.
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