Europe’s financial centres have given up hope of triggering an exodus of companies and jobs away from London in the wake of Brexit.
He told The Telegraph: "The relocations were basically over after 2018 . Why? Because the industry, at least the large players, wanted to be ready by March 2019, which was the initial date for Brexit."
However, he warned that London will no longer be the "automatic choice" for attracting new business due to Brexit and will face tougher competition from European hubs.
Britain's vote to leave the EU triggered warnings of a mass exodus from the City that would cost hundreds of thousands of jobs. However, London has avoided the gloomiest predictions with only an estimated 7,500 jobs leaving for European hubs, such as Dublin, Paris, Luxembourg and Frankfurt .
Conor Lawlor at UK Finance said: “Fewer financial services staff have moved out of the UK than had originally been predicted although firms always keep such decisions under review."
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