Punishing London to get a 'chunk' of the pie is a short term attitude from the EU and will only serve to harm it in the long run, a European financial expert has warned today, “Express” writes.
Luxembourg Finance Minister Pierre Gramegna said a "no deal" Brexit would not benefit the EU, but send UK financial services to countries outside Europe. Luxembourg, like Paris and Frankfurt are currently vying to lure banks, insurers and asset managers from Britain to Europe after Brexit. But the Finance minister warned against being to short-sighted in its bid to punish Britain and that the City of London must remain the top global financial centre after Brexit to avoid its financial services drifting to other parts of the world. Punishing London to get a "chunk" of the pie was a very short-term view, and a "no deal" Brexit would not benefit the EU, but send UK financial services to countries outside Europe, Gramegna said.