Saudi Press

Saudi Arabia and the world
Friday, Feb 20, 2026

Brexit triumph: London to become 'business centre of Europe' in blow to Brussels

Brexit triumph: London to become 'business centre of Europe' in blow to Brussels

THE European Union has been told to be "very well aware" Brexit could transform London into the most important business centre across the continent. "The big risk that I see is that if that happens the new Great Britain will concentrate very much on building a business environment out of London and London will turn into something of a combined Hong Kong-Singapore for continental Europe.

European Union leaders had hoped Brexit would catapult European financial centres like Frankfurt and Paris to the forefront of the international business scene.

But financial services expert Andreas Treichl warned Brussels Brexit could potentially help British business deliver a "big blow" to European competitors.

Speaking to CNBC, Mr Treichl said: "The big risk that I see is that if that happens the new Great Britain will concentrate very much on building a business environment out of London and London will turn into something of a combined Hong Kong-Singapore for continental Europe.

"That’s going to be a big blow to the rest of the EU – you’ve got lots of talent there, you have the infrastructure, you have the facilities.

"Don’t forget that London is not so much the banking but the services centre not only of Europe but of the world."

Mr Treichl, the CEO of one of the largest financial services providers in the world, the Erste Group, told the bloc they should beware of the risks Brexit could pose to the union.

He continued: "That’s big risk and that’s something the EU should very well aware in the negotiations over the next months.

"The country with the strongest capital market culture will, unfortunately, leave the European Union.

"It will be up to the Germans and the French to develop that together which makes it a lot more difficult."

Early signs of economic struggles in the European Union appeared earlier this week when France recorded an unexpected slowdown in its economy, fuelling concerns of the potential risks of Britain leaving the EU without a deal.

Latest reports from the French Office of National Statistics revealed the French economy stagnated in the second quarter of 2019.

The weakening resulted in a lower growth that the +0.3 predicted earlier this year. Junior economy minister Agnes Pannier-Runacher however dismissed concerns about the state of the economy, insisting investment, as well as upcoming tax cuts, will drive future growth.

Ms Pannier-Runacher said: "At this stage, there is no reason to be anxious about our pace of growth.

"Investment in business is growing, and that typically calls for future jobs and growth."

Germany also has been facing growing risks of a crisis as the German manufacturing sector continued to contract despite Angela Merkel dismissing concerns.

Economic expert Shweta Singh said: “Germany just about avoided a recession towards the end of last year.

“Growth this year will remain quite weak so consensus expectations for Germany, for example, have been consistently revised downwards.

“And you’re looking at growth of just north of 1 percent which is a significant down take from where Germany was just in 2017 growing at 2.6 percent. And 1 percent is way below Germany’s potential growth rate.

“And at the same time, the headwinds that Germany faces and the global economy faces is unlikely to disappear immediately.".

Boris Johnson has fuelled additional concern about the European economy as the Prime Minister has insisted he will ensure Brexit is delivered "come what may," warning he is willing to go through with a no deal unless the bloc agrees to change the withdrawal agreement.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Concerns Mount Over Potential Saudi Uranium Enrichment in Prospective US Nuclear Accord
Investability Emerges as the Defining Test of Saudi Arabia’s Next Market Phase
Saudi Arabia’s Packaging Market Accelerates as Sustainability and E-Commerce Drive Transformation
Saudi Arabia’s Strategic Minerals Drive Offers Lessons for Europe’s Supply Chain Ambitions
Saudi Arabia Unveils $32 Billion Push Into Theme Parks and Global Entertainment
Saudi Crude Exports to India Climb Sharply, Closing Gap With Russia
Saudi Arabia’s Halal Cosmetics Market Expands as Faith and Ethical Beauty Drive Growth
United Kingdom Denies U.S. Access to Military Base for Potential Iran Strike
ImmunityBio Secures Saudi Partnerships to Launch Flagship Cancer Therapy
Türkiye and Saudi Arabia Launch Expanded Renewable Energy Partnership
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
UK Intensifies Efforts to Secure Saudi Investment in Next-Generation Fighter Jet Programme
Saudi Arabia Tops Middle East Green Building Rankings with Record Growth in 2025
Qatar and Saudi Arabia Each Commit One Billion Dollars to President Trump’s ‘Board of Peace’ Initiative
Ramadan 2026 Prayer Times Set as Fasting Begins in Saudi Arabia and Egypt Announces Dates
Saudi Arabia Launches Ramadan 2026 Hotel Campaign to Boost Religious and Leisure Tourism
Saudi Arabia Seeks Reroute of Greece-Bound Fibre-Optic Cable Through Syria Instead of Israel
Saudi-Backed Scopely Acquires Majority Stake in Turkey’s Loom Games to Expand Mobile Portfolio
Zodiac Milpro Launches Zid Marine Joint Venture in Saudi Arabia to Expand Regional Shipbuilding
Saudi Arabia Reaffirms Reform Path Amid Claims of Ideological Reversal
Calls Grow for Saudi Arabia and UAE to Settle Differences Through Direct Dialogue
Jensen Huang just told the story of how Elon Musk became NVIDIA’s very first customer for their powerful AI supercomputer
British couple sentenced to 10 years in Iran for espionage
Former British Prince Andrew Arrested on Suspicion of Misconduct in Public Office
Unitree Robotics founder Wang Xingxing showcases future robot deployment during Spring Festival Gala.
Prince William Holds Talks with Crown Prince Mohammed bin Salman During Saudi Visit
Saudi Arabia’s Humain Commits $3 Billion Investment to Elon Musk’s xAI
SCOPA Executive Unveils Ambitious Relaunch Strategy for Saudi Production Company
Saudi Arabia Sees Rise in Business Visa Rejections Amid Tighter Compliance Checks
Saudi PIF Transfers Take-Two Stake to Savvy Games Group in Strategic Gaming Push
Jimmy Carr Says He ‘Loved’ Saudi Arabia Show Amid Debate Over Performing in the Kingdom
Sotheby’s ‘Origins II’ Auction Signals Saudi Collectors’ Shift Toward Cultural Legacy
EY and Microsoft Deepen Saudi Arabia Partnership with Launch of EY Studio+
Google Pay Launches Support for Mastercard Cards in Saudi Arabia
Saudi Arabia Bolsters Maritime Surveillance Fleet with Four C-27J Patrol Aircraft
Kazakhstan and Saudi Arabia Deepen Strategic Partnership with New Investment and Energy Agreements
Saudi Crown Prince Receives Written Message from Kazakhstan’s President Amid Expanding Strategic Ties
ImmunityBio Shares Rise After Saudi Arabia BCG Manufacturing Update Spurs Investor Optimism
Global Music Star Tyla Confirmed as Headliner at 2026 Saudi Arabian Grand Prix Entertainment Lineup
Somalia and Saudi Arabia Forge New Military Partnership Amid Regional Power Shifts
Saudi Arabia and Several Nations Criticize Israeli West Bank Land Measures as Diplomatic Tensions Rise
Saudi Public Investment Fund Transfers Stake in Take-Two Interactive as Portfolio Strategy Evolves
Saudi Arabia’s Flagship Defense Expo Highlights Industrial Ambitions and Expanding Arms Portfolio
Strategic Divergence Deepens as Saudi Arabia and UAE Recalibrate Gulf Partnership
Saudi Arabia Confirms Start of Ramadan as Crescent Moon Sighted, While Other Nations Begin a Day Later
Rubio Calls for Sweeping U.N. Reform, Saying It Has Failed to End Wars in Gaza and Ukraine
10,000 Condoms Distributed at Winter Olympics 2026 Athlete Village Depleted Within 72 Hours
Prince William Meets Saudi Crown Prince as Epstein-Andrew Fallout Casts Shadow
Goldman Sachs and DP World Executive Resignations: Elite-Reputation Risk and Corporate Governance Fallout From the Epstein Disclosures
OpenAI and DeepCent Superintelligence Race: Artificial General Intelligence and AI Agents as a National Security Arms Race
×