Saturday, May 13, 2017

London will NOT bow down to Berlin: Capital ‘will RETAIN financial services post-Brexit’

LONDON will continue to dominate the financial technologies industry long after Brexit, experts have claimed.The European Union has announced a lockdown on the UK’s financial sector - with MEPs expressing their desire to drag financial firms out of the UK capital and into cities on the continent. –– ADVERTISEMENT –– Big banks have also threatened to up and leave because of fears over losing their right to sell services across Europe.And cities such as Dublin, Paris and Hamburg are now tipped to take the mantel - snatching away thousands of jobs currently based in London. But new research has revealed London is still seen as the place to be for people developing digital technologies for the finance sector.Germany - Berlin in particular - has been touted as one of London’s major competitors for the title of Europe’s FinTech (financial technologies) hub after Brexit negotiations conclude. The city has seen a rise of two per cent in job postings each month this year, with a current 1,458 positions on the market. However new research from Joblift has revealed London easily trumps the German capital in both the number of jobs being posted and, more surprisingly, the rate of job market growth. Over the past year, 79 per cent of all job vacancies available remain in London - with 3,370 FinTech jobs currently being advertised directly in the capital. And despite fears around the triggering of Article 50 and the risks associated with Brexit, London’s FinTech industry has record surprising growth in the post-EU exit landscape.Joblift CEO Lukas Erlebach said: "London’s substantial growth highlights how much confidence remains with the UK capital, in comparison with rival Berlin. “There is, of course, still doubt around the effects of EU decisions and the future of tech funding from the European Investment Fund. “However, the recent posting of Natalie Ceeney as the new chairman of Innovate Finance, alongside government pledges to support the UK’s start-up scene, suggest an energy and dedication in the industry which points to London retaining its title as a world leader in FinTech." Joblift’s studies show a significant average growth of five per cent in the number of jobs advertised in the FinTech sector - and London is certainly dominating business even within the UK.Since January this year London has been the location of around 30 times more FinTech job postings than in Manchester, where 166 FinTech jobs have been posted so far in 2017. Bank of England Governor Mark Carney has previously praised the industry’s “promise” within the capital, claiming FinTech firms can help promote stability and boost growth post-Brexit. He said last month: “The Bank is working to develop the financial system’s hard infrastructure to allow innovation to thrive while keeping the system safe. “It is widening access to some of its systems to include [payment service providers] to boost competition and system resilience.”While British chancellor Philip Hammond added the UK must “strive and graft” to remain a tech world-beater post-Brexit. However the study comes after two expat entrepreneurs warned he would not choose Britain to set up a business today. TransferWise CEO Taavet Hinrikus said at a conference last week: "If I was setting up TransferWise today, I probably would not choose London." He cited worries around access to talent and the ability to trade with the EU and told the audience, adding: “If London wants to cement its position as the fintech capital of the world, it needs to take some action — action in particular."
 http://www.express.co.uk/news/uk/803004/London-financial-technology-FinTech-recruitment-jobs-Berlin-Brexit

No comments: