Without London Europe Would Have No Finance Center, Osborne Says
- Calls for maximum EU access for financial services post-Brexit
- Former chancellor says Fintech would move to California
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Former U.K. Chancellor of the Exchequer George Osborne warned that if London loses its status as a financial center following Britain’s withdrawal from the European Union, the continent would be unable to replace it.
The choice is not whether the financial center moves to some other European capital, but whether it moves out of Europe entirely, Osborne said in a speech in London on Monday. "I don’t think that’s in the interests of any European country," he said. The Financial Technology sector would shift to California if London were unable to support it, he added.