…Financial News spoke with Beattie about the future of London as a financial-services hub post-Brexit, what worries her clients and the impact of the Covid-19 pandemic on markets.
I’d like to start with Brexit. Do you see London’s status as a top financial hub diminishing over time?
Yes, it’s inevitable. But it is not just London that is going to suffer; European financial markets as a whole will be hurt by the loss of London as a top financial hub. The efficiencies that were gained from EU harmonisation and passporting will be lost to both European and UK issuers and investors who will find both UK and European markets a more expensive place to invest and raise capital. I don’t see any other single city in Europe taking the spot that London has created as a financial powerhouse, certainly not in the near to mid term. The winners from Brexit will be non-European financial centres.