‘Thoroughly dishonest’ Project Fear dismantled as London claims huge title in Europe – Express

With the City of London topping the charts as Europes largest financial centre, the likes of Paris, Dublin and Frankfurt have once again been upstaged by Britains capital. Such is the promise of the ongoing strength of Londons financial clout, remarks have also emerged suggesting the city could rival other global players.

Taking to Twitter to celebrate Londons success, former MEP David C Bannerman, now a strategic consultant and writer said: Despite Brexit, City of London retains position as Europes Largest Financial Centre; and vies with New York for Number One in world.

Project Fear was thoroughly dishonest.

The news was echoed by Richard James, a Global Britain ambassador who also wrote on Twitter: Brexit Britain has secured a huge win after London retained its crown as Europe's leading financial centre, beating rivals Frankfurt, Paris, Madrid and Amsterdam.

The UK capital ranks only behind New York, according to the Global Financial Centres Index.

According toHedgeweek.com: New York has held onto the top position in the latest edition of the Global Financial Centres Index published by Z/Yen Group, and has now been in the top spot for three years.

London remained in second place but dropped 14 points in the ratings.The other centres in the top 10 are closely matched, with only eight rating points separating third-place Hong Kong from Shenzhen on 10th.

Elsewhere in Britain, other cities also did post-Brexit Britain proud.

Edinburgh and Glasgow have improved their rankings as globally international recognised financial centres.

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The report noted Edinburgh had moved into the unpredictable centres area on the report, meaning it was not able to predict growth or devaluation.

The city also moved into the established industrial sector for the first time.

Separately, commercial property advisor CBRE revealed Glasgow had retained its position in the top three leading tech cities in the UK outside of London.

However, not all social media users expressed as much joy of the news as Mr Bannerman.

David Beckler, replying to the former MEP wrote: Why don't you tell the whole story?

It's hanging on despite a big drop, when speaking of the 14 points slip London witnessed.

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Remdog warned European cities will eventually catch up and surpass London.He wrote: London was already the largest in Europe, retaining it a year later is not hard.

Transformation takes time and Paris, Amsterdam, Dublin, Frankfurt have already taken a share of London business.

Attacking Mr Bannerman directly, David Ellis said: This tweet is not going to age well, Im sure lots of screenshots have been taken, this will come back to haunt you.

And Willson, also took aim at the Tweet by saying: Do you realise how stupid this tweet is?

Youre not celebrating a win; youre celebrating retention because you know how much Brexit has damaged the City.

Will London be able to hold on to second place as other EU cities rise? Has Brexit really been a success? Has London failed multinational corporations by leaving the EU? Let us know what you think by CLICKING HERE and having your say in the comments section below - Every Voice Matters!

Several high profile financial companies have left the UK since Brexit.

Europes largest stock exchange Euronext moved its headquarters from London to Milan.

Speaking of the decision to move, CEO Stephane Boujnah said: Now the UK has decided to build its future outside the EU, critical Euronext infrastructure will stay within the European Union, hence outside the UK.

And Brexit is big decisions, and big decisions come with big consequences.

According to Government figures, In 2020, the financial services sector contributed 164.8 billion to the UK economy, 8.6 percent of total economic output.

The sector was largest in London, where half of the sector's output was generated.

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'Thoroughly dishonest' Project Fear dismantled as London claims huge title in Europe - Express