London will remain Europe’s business capital says Michael Bloomberg

Michel Bloomberg admits that London will remain as Europe’s business capital amid uncertainty over the British capital’s position in financial world after Brexit.

The former Mayor of New York said London’s growth might slow down after Brexit but will keep its position alongside New York as one of world’s trading capitals and no other European city could eclipse London in the foreseeable future.

The founder and CEO of financial data and media company Bloomberg LP who opened their European headquarters in the City of London last month said he would have still committed to building the office had he known of Brexit.

He told BBC Radio 4’s Today programme on Tuesday: “What will happen with Brexit is that some jobs will move, although they may very well be replaced here, but that the growth rate of London as a financial centre will certainly not be what it would be if Brexit doesn’t take place.”

Bloomberg believes London has the factors unmatched by any other European city like being English speaking, family friendly and others that the finance industry needs making London the ideal city.

Bloomberg
Michael Bloomberg with Mayor of London Sadiq Khan at the opening of Bloomberg LP’s new European headquarters in the City. Photo: The Times

He did criticise the Brexit vote calling it the ‘single dumbest thing that a country has ever done.’

His confidence and investment gave London the certainty it needed as the latter opened then new £1bn European headquarters over 3.2 acres in the heart of the City.

Some jobs will move, although they may very well be replaced here, but the growth rate of London as a financial centre is certainly not what it would be if Brexit doesn’t take place, Bloomberg added.

The City, London’s financial district, home to global foreign exchange, monetary management operations and to more banks than any other financial centre, faces upheaval as firms decide whether to shift jobs to continental Europe to keep serving customers there after Britain leaves the EU in 2019.

After a 12-year-long stint as New York mayor, Bloomberg returned to the helm at his company in September 2014 which he founded in 1981.

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