City’s future increasingly bleak

City’s future increasingly bleak

Brexit could result in London losing its status as the financial “gateway to Europe”, according to one of Germany’s most influential banking regulators.

Dr Andreas Dombret, who sits on the board of the Bundesbank, said that any deal struck between the UK and the European Union following Brexit would be “miles away from access to the single market”.

He was speaking in a private briefing for German businesses and banks earlier this week. His comments were first reported by the BBC.

Banks in the City of London have long argued that there is no alternative to membership of the single market that provides the same level of certainty or access that they currently enjoy. However, the UK Government last month ruled out the possibility of seeking to retain membership of the single market following Brexit.  PHOTO: London’s financial centre  READ MORE: http://www.telegraph.co.uk/business/2017/02/10/germans-warn-london-could-lose-gateway-europe-status/

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