AFP , London :
Luxembourg hopes to poach around 3,000 jobs from London following Brexit, a senior financial official at the Grand Duchy told AFP this week.
Nicolas Mackel, head of financial development agency Luxembourg for Finance, indicated that the country hoped to glean the valuable jobs following Britain’s scheduled EU departure in March 2019.
“In the short term, which I am seeing as two years, I think that it will be around 3,000 jobs in Luxembourg,” Mackel told AFP in an interview in central London.
Since Britain voted to leave the European Union in June 2016, a fierce rivalry has erupted between Paris, Frankfurt, Amsterdam, Dublin and Luxembourg for the jewels of London’s treasured City finance district.
Europe’s other dominant financial hubs are eager to seduce banks and insurers who are looking to set up headquarters in the EU after Brexit.
“These institutions are trying to set up an entity allowing them to be operational after Brexit, from day one,” Mackel added.
“Everybody is trying to take their decisions before the end of the year. The decision involves initiating a regulatory procedure which takes at least 12 months.”
Passporting rights-which allow large international banks to be based in Britain whilst trading freely with other European Union countries-are at risk from British Prime Minister Theresa May’s plans to exit the single market.
“As we have no idea what Brexit will look like, nor do we know what Britain’s future relationship with the European Union will be, or its degree of access to the single market, we do not know the scope” of these institutions’ European ambitions, Mackel told AFP.
“It will really depend on the result of the negotiations” with Brussels, he added.
Luxembourg hopes to poach around 3,000 jobs from London following Brexit, a senior financial official at the Grand Duchy told AFP this week.
Nicolas Mackel, head of financial development agency Luxembourg for Finance, indicated that the country hoped to glean the valuable jobs following Britain’s scheduled EU departure in March 2019.
“In the short term, which I am seeing as two years, I think that it will be around 3,000 jobs in Luxembourg,” Mackel told AFP in an interview in central London.
Since Britain voted to leave the European Union in June 2016, a fierce rivalry has erupted between Paris, Frankfurt, Amsterdam, Dublin and Luxembourg for the jewels of London’s treasured City finance district.
Europe’s other dominant financial hubs are eager to seduce banks and insurers who are looking to set up headquarters in the EU after Brexit.
“These institutions are trying to set up an entity allowing them to be operational after Brexit, from day one,” Mackel added.
“Everybody is trying to take their decisions before the end of the year. The decision involves initiating a regulatory procedure which takes at least 12 months.”
Passporting rights-which allow large international banks to be based in Britain whilst trading freely with other European Union countries-are at risk from British Prime Minister Theresa May’s plans to exit the single market.
“As we have no idea what Brexit will look like, nor do we know what Britain’s future relationship with the European Union will be, or its degree of access to the single market, we do not know the scope” of these institutions’ European ambitions, Mackel told AFP.
“It will really depend on the result of the negotiations” with Brussels, he added.
