We spoke to 150 C-suite individuals from leading Banking, Energy, Hospitality, Insurance, and Retail organisations as part of our City of London: Blueprint for Growth report, our results have helped shed light upon what the ‘Impact of Brexit’ looks like for our clients.
Trying to predict what might happen post-Brexit starts with an understanding of why businesses have chosen London as their home in the first place. According to our research, London’s position as the main financial centre in Europe, and one of the biggest in the world, has been the biggest motivating factor – with 63 per cent of respondents citing this as one of their top three reasons.
Whilst it is acutely felt that Brexit will impact any organisation's access to capital by the majority of business leaders, it is worth noting that only 23 per cent of respondents had quoted access to the single market as a reason for being in London, suggesting that the departure might not be as destructive for the UK economy as some may have feared, particularly in industries such as Technology and Communications:
With access to the single market playing such a large role in London’s position as a financial hub, some would argue that losing this could have lasting implications on the city’s financial authority, with New York and Hong Kong seen as the major players in competition across Banking, Insurance and Transport companies.
As the UK heads towards Brexit, the message from the C-suite is clear: the reasons executives have chosen to base themselves in the capital are under threat, and with them London’s position of power.
As the Brexit process builds momentum, more questions are being posed than answered. DWF's legal experts are working with clients to ensure that they have the correct infrastructure to address issues, drive the right messages to Government and guide you through the strategic next steps your business should be taking.
To find out more about the services we provide, and how we can help you navigate through the complex issues and challenges that Brexit presents, take action via the next steps below: