August 29, 2018 / 2:28 PM / a month ago

UK minister: If EU punishes City of London, non-EU financial centers will benefit

LONDON (Reuters) - Financial centers outside the European Union would be the benefactors if the European Union sought to punish the City of London as Britain leaves the bloc, Brexit minister Dominic Raab said on Wednesday.

Britain's Secretary of State for Exiting the European Union, Dominic Raab delivers his speech outlining the government's plans for a no-deal Brexit in London, Britain. Aug 23, 2018. REUTERS/Peter Nicholls

Raab told a parliamentary committee he did not believe the EU would try to punish the London’s financial sector, but that if they did, “I think the only winners would be the other financial centers in the top 10 like Tokyo and New York.”

Reporting by Kylie MacLellan, writing by William James; editing by Stephen Addison

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