EU warned: Liam Fox confirms London will maintain 'global dominance' over financial sector

(Express.co.uk) – London will continue to play a 'dominant' role in the global financial sector in spite of leaving the European Union, International Trade Secretary Liam Fox confirmed.

London's position in the global financial sector after Brexit has come under the repeated attack of European cities vying for its spot.

But International Trade Secretary Liam Fox argued that the levels of professionality London boasts cannot be easily replicated.

Dr Fox said: "I have absolutely no doubt that London will maintain its position of global dominance in financial services.

"Why? Because we’ve got a depth of professional service capability that isn’t replicated anywhere else."

Before the EU referendum experts predicted Frankfurt could be profit from Brexit after dozens of banks said they could relocate financial services from London.

And thousands of workers were also expected make the move from Britain’s capital to Germany as they seek stability following the Brexit vote.

But Dr Fox dismissed speculations about an impending financial sector mass exodus, saying: "We’ve got the regulatory and legal frameworks and we’ve got the reputation of the Bank of England on our side."

In 2016 London placed first in the Global Financial Market Index – with £108-117bn contributed to the UK economy by banking alone.

Earlier this week the European Union Chief Brexit negotiator Michel Barnier and Brexit Secretary David Davis presented the latest Brexit deal proposals since the end of the first phase of talks in December.

Under this plans Brussels would offer London a bare-bones arrangement to cover its numerous financial services companies.

Dr Fox also called for a speedy agreement on trade relations between the UK and the EU in order to give "a big help" to business companies concerned about the future.

Talking to Bloomberg, he continued: "We need to get early sight of what the future economic partnership looks like.

"If we can get that before we actually leave the European Union, hopefully by the autumn of this year, that would be a big help to everybody.

Asset managers concerned with…