Sadiq Khan in Davos: 'Hard Brexit' will make London firms move to Hong Kong, Singapore, or New York - not the EU
Lianna Brinded/Business Insider
Business Insider, as well as a small crowd of people, watched Khan speak in an interview in the public area of the Congress Centre at the World Economic Forum meeting in Davos.
"It's really important that the negotiations with the EU end with us having a good relationship with the European Union. 'Hard Brexit' does London damage, our country damage," said Khan.
"But the point I'm making to our European friends, business and political leaders is if businesses decide to leave London, they're not going to move to Paris, Madrid or Frankfurt, they'll be going to Hong Kong, Singapore, or New York. So 'hard Brexit' is a lose-lose - bad for London, bad for the UK, bad for the EU."
Here is the video:
A "hard Brexit" is shorthand for Britain leaving the European Union without access to the Single Market in exchange for having full control over immigration into the country.
On Tuesday, Prime Minister Theresa May confirmed that Britain plans to leave the Single Market as part of its withdrawal from the EU. She also said she would terminate Britain's membership of the free-trade area to have full control over immigration from the European Union.
This was confirmed by Chancellor Philip Hammond, who told the House of Commons on Tuesday morning that Britain would no longer be in the European single market once the Brexit deal is finalised. "We will go forward understanding we cannot be members of the single market," he said on Tuesday.
The loss of passporting rights following Brexit is one of the biggest fears in the City of London.
If the passport is taken away, then London could cease to be the most important financial centre in Europe, costing the UK thousands of jobs and billions in revenues. Around 5,500 firms registered in the UK rely on the European Union's passporting rights for the financial services sector, and they turn over about £9 billion in revenue.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market