Leaving the European Union (EU) could be a cause for “celebration” in the City of London as business will be free from the shackles of Brussels regulations, a leading businessman has said.
Businessman and financial pundit David Buik said that London has major advantages over other financial centres in the EU and accused “Remain” campaigners of failing to find any positive long-term reasons to stay in the bloc.
In a comment piece for the London Evening Standard Mr Buik points out that London is on the world’s central time zone and that English is the international trading language.
It also has “tried and tested” infrastructure for raising capital and financing foreign trade, and people from all over the world “love working here”.
Although “Remain” campaigners have suggested that London would lose much of its trade to EU cities such as Paris and Frankfurt, but Mr Buik said that in comparison to London these are “financial villages”.
“To build the necessary infrastructure and outsourcing support, would be a 20-year project [for them],” he adds.
David Buik has worked for a large number of financial spread betting companies, and has been a financial pundit for the BBC, Bloomberg and CNN. He was appointed a Member of the Order of the British Empire (MBE) earlier this year for his services to financial services.
In his piece, he also told readers not to lend to much credence to forecasts of economic doom in the event of Brexit:
“One must respect HM Treasury mandarins’ intellect and Bank Governor Mark Carney’s veiled endorsement, but the validity of the former’s forecasts, 14 years in advance, must be called into question.”
“Remain” campaigners have also failed to spell out the long-term benefits of EU membership, only offering fear over the consequences of leaving.
“All we hear from the Remain campaign is doom and gloom — no talk of the long-term benefits of being part of [the EU]; just “we cannot afford to be out”.”
He also pointed out that major international banks would be foolish to abandon London for a bloc that is in economic decline, and added that they would likely return in a few years.
“The EU has been in economic decline for the best part of 15 years. The EU dream has turned into a nightmare. Why would international banks want to leave London and head to the mainland when the EU’s banking sector is hanging in rags, with the sector conceivably requiring a capital injection of €300 billion (£233 billion)? Unshackled from Banking Commissioner Michel Barnier’s labyrinth of EU regulation… the City will be able to increase its international presence.”
His comments echo those by German economist Martin Hüfner, who said last week that Brexit could lead to a “booming Britain” and dismissed fears it would damage the city, saying it still has three major advantages: “The good people who work there, the English language and the geographical proximity to New York.”
“Of course there would be a variety of changes in Britain itself, in the EU and in countries with close ties to the United Kingdom. Britain and the EU would go their separate ways. This is a shame, in my view… but it is not a disaster,” Mr Hüfner said.