London's Lord Mayor assures the city's role of financial center after Brexit

By Kim Jae-won

London’s lord mayor said Wednesday that the city will continue to play its role as the world’s leading financial center thanks to its excellent skills and workforce in international finance even after Britain’s decision to leave the European Union (EU).

Jeffrey Mountevans said that he is optimistic that the city will maintain its leading status in global financial markets because it is unbeatable compared to other European cities in terms of its pool of professionals and efficiency of regulations.

“The depth and width of the offer of London is unequal to anywhere else in the world. London is the leading international financial center,” said Mountevans in a speech at a breakfast meeting hosted by the Seoul Financial Forum, a group of financial leaders in the country.

He said London is the largest foreign exchange market in the world where more U.S. dollars are traded than in New York. The mayor also was boastful of its some 400,000 professionals who offer a wide range of financial services, such as foreign exchange, banking and insurance.

“For centuries, we’ve been doing this internationally. London is a great place to do business. Everybody likes London, though they sometimes complain that it is too expensive.”

His comments come as the United Kingdom prepares to exit the EU after its June 23 referendum in which voters decided to leave the 28-nation bloc by 51.9 percent to 48.1 percent. The U.K.’s new Prime Minister Theresa May plans to push for the process step by step, having sufficient time before triggering the EU treaty’s Article 50 which starts a two-year countdown to exit.

The mayor said that the U.K. is the number one country for foreign direct investment into Europe, and the government will do all it can to ensure that the country maintains its position.

He also noted the importance of green finance, a term describing financial investments in sustainable and environmental projects and infrastructure. He encouraged banks and other financial firms to get involved in the business more actively so that they can contribute to society as well as make profits.

“Green finance can help answer the tenacious public question of what a bank is actually for,” said Mountevans in the speech. “It can allow banks and other financial services institutions to claim, legitimately, that they are helping to combat climate change and add value to society, helping solve big problems.”

The meeting was part of his four-day visit to Korea. The aim of the visit was to sell the City of London and the U.K. as the regional partner of choice in financial and professional services and strengthen the two countries’ relations in these sectors, according to the British Embassy in Seoul.

The lord mayor is the head of the Square Mile’s City of London authority for one year and the position is unpaid and apolitical. The mayor addresses some 10,000 people face-to-face each month abroad, making around 800 speeches a year, the embassy said.