By Chris Dorrell
London’s fintech boom “would have happened with or without Brexit”, Lord Mayor Nicholas Lyons said today, adding that the so-called Edinburgh reforms will help the City power the UK’s future economic growth.
Lyons said the City achieved its reputation as a thriving hub for fintech success “independently of Brexit”.
He stressed, however, that Brexit still sat uneasily with the City of London, saying that although it was “a democratic decision of the people”, it was not “something the City of London was naturally supportive of”.
However, he attempted to lay out the positives too. “There’s been repercussions from Brexit… on the same token there are opportunities”, he said.
In particular, Lyons said the Edinburgh reforms will give the City the opportunity to power growth in the UK. The reforms include “regulatory changes to assist financial services which encourage them to do things they otherwise wouldn’t be able to”, he said, such as Solvency II reforms.
Lyons was speaking at an event today with the governor of Tokyo, Yuriko Koike, to discuss closer ties between London and Tokyo.
In response to a question on how Japanese companies view Britain after Brexit, Governor Koike said that the “relationship (between UK and Japan) is very solid and the reliability of the City of London is very stable” after Brexit.
Lyons wrote in City A.M. earlier this week that Tokyo is aiming to turn itself into a “fintech city” and there were many opportunities for the cities to collaborate to help achieve this goal.
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