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London poised for Brexit bounce as UK moving away from EU’s ‘sloth-like speed’


Saxo Group – a trading and investment specialist – said that Global Britain is in a prime position to flourish as it emerges from the Covid pandemic. And with its messy divorce with the EU firmly behind it, there could be “spending spree on the horizon from both consumers and companies as the world returns to normal”, it said.

It credits the UK’s “cheap” stock market, its successful Covid vaccine rollout and the strong Conservative leadership as plus points for investors.

The Bank of England’s hawkish policy and the UK’s drive to be “as competitive as possible if EU relations deteriorate further” were also seen as positives, it said.

Kay Van-Petersen, global macro strategist at Saxo Group, said: “The UK has a scarcity factor that cannot be easily replicated anywhere else; there is only one London, one Oxford and one Cambridge, in it’s in the sweet time zone between Asia and the Americas.

“The UK will always be a destination for the global elite in the form of capital, talent, education and demand for assets.

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“The UK has also been one of the leading countries globally on the vaccine roll-out and set the bell curve on December 8 by being the first to approve a vaccine and quickly executing a roll-out strategy.

“This implies two key things – one: It showcases the flexibility, autonomy and speed that the UK can move when being outside of the EU’s sloth-like speed with its endless miles of red tape and more in-fighting than a UFC weigh-in (just think how France and Belgium have fared in the fight against Covid).

“Two: The UK will emerge out of the Covid-induced savings and lack of activity to some serious spending both by consumers and companies as the economy and the rest of the world opens up.”

She spoke as it was claimed that the UK’s mantle as the world’s “global hub” for tech companies was reaffirmed today.

Fintech company Wise Plc was valued at just shy of £8 billion when it was listed on the London Stock Exchange this morning.

The money-transfer company, previously called TransferWise, opened at 800 pence a share and quickly jumped as much as four percent to 825 pence by 12.30 pm.

Its value is more than double the £3.6bn price tag it was given last July.

News of the successful floatation boosted the City of London’s credentials as the place for pioneering tech firms to base themselves.

Liberum Capital strategist Joachim Klement told Bloomberg: “The successful direct listing of Wise is clearly a boost to London’s ambitions as a global hub for tech companies.

“Wise is a highly profitable and fast-growing challenger to traditional banks, that is what counts for investors.”

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