London loses top position as European trading Center due to Brexit
Brexit is having a negative effect on UK's position in trade matters. London has been dislodged as the top trading Center in Europe.
Amsterdam dislodge London as the biggest international trading hub
Amsterdam has replaced London as the biggest finance destination in Europe as their exit from the EU continues to bite back. About €9.6 billion worth of stocks were traded in. The Amsterdam exchanges as against €8.5 billion in London.
Due to new Brexit policies, European-based banks who want to buy shares are barred from trading through London, which equates to a loss in trading fees for the city. The Bank of England boss Andre Bailey has told the European Union not to remove London from such sales. On Thursday, Mr. Bailey said there were indications that the union was planning on removing the UK from its economic markets.
The Brexit agreement has continued to come to effect with Britain gravely affected; however, there have been discussions about harmonizing some financial regulations over equivalence. Both the UK and European Union are talking to agree on the best way out of this dilemma, and dealing has already been set for March.
The UK remains open to trading talks to help their situation
According to Number 10, it remains open to any talks which will benefit all parties.
'' Even after giving all paperwork and remaining one of the global financial centers with an impressive economics market, the European Union hasn't given us the equivalence we asked for. ''
'' What this means is that some EU stocks traded at British centers are moved to EU locations.
Sales of stocks abroad are what the UK does best, and we have proof for that.''
Trading issues between the UK and European Union have been strained in recent times with the exports' industry badly hit. But UK officials are adamant that these issues will be solved soon.