Brexit LIVE: London fightback! City reclaims crown as Europe finance hub –Amsterdam beaten
Dominic Raab dismisses EU threat to City of London
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Data released by Cboe Global Markets reveals an average of 8.9billion euros (£7.63billion) of share deals were made daily in June. This is compared to 8.8billion euros (£7.55billion) in the Dutch capital.
The City of London was overtaken by Amsterdam in January but the figures reveal a change in the trading landscape.
The figures, the Treasury says, are a “clear sign” that “London is fighting back”.
A Treasury source added: “Brexit Britain is clearly leading the European financial revolution.”
Chancellor Rishi Sunak is also preparing to unveil a series of changes that will also make London’s share trading rules to make the capital more competitive.
Kay Swinburne, Vice-Chair of Financial Services at KPMG UK added that London was “one of the world’s most dynamic and open financial centres.”
Miles Celic, Chief Executive Officer of TheCityUK, added: “Our industry is a dynamo that powers the rest of the economy and helps people in their everyday lives.
“It will also be a driver of the recovery from the pandemic and central to seizing the economic opportunities of the 21st century.”
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8am update: Award more contracts to Brexit Britain, says Labour
A Labour government would award more public contracts to British firms and raise standards to create jobs, the party has pledged.
Shadow chancellor Rachel Reeves said Labour would use social and environmental clauses in public contracts to raise standards, mirroring the approach taken in other countries including France and the United States.
She raised concerns about insecure supply chains exposed by shortages in personal protective equipment during the pandemic, as well as huge taxpayer contracts going overseas instead of to British companies.
Labour would ask every public body to give more contracts to British firms, and require public bodies to report on how much they are buying from businesses in this country, Ms Reeves said.
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