Ten years on from Brexit, the financial centre has indeed benefited from the UK's departure from the European Union – but despite itself, its representatives insist. This official line echoes the long-standing narrative that the City's success is down to a stroke of luck rather than government intervention. This time, however, the fable has become reality.
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From the ABBL to the Alfi, via Luxembourg for Finance and the Aca, all the representatives of the financial centre interviewed for our recent article on the impact of Brexit on the financial centre have one thing in common: they emphasised that, no, Luxembourg has not sought to benefit from Brexit and the relocation of activities, jobs, and assets previously based in the City of London, the UK's financial centre. And this despite the fact that Paris and Frankfurt have been engaged in a frenzied race to secure the promise of thousands of jobs. Even Luxembourg for Finance, the spearhead of the financial centre's promotion – chaired by the Ministry of Finance and professional associations – denies having approached anyone, contenting itself with responding to enquiries from financial institutions seeking a foothold on the continent.
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