Brexit is a great opportunity for London. Even now, despite continuous political uncertainty, the horizon across London is full of cranes and is a testimony to continued investment, new activity and exciting opportunities. London is a global powerhouse.

London’s biggest asset is its creativity. It plays to its strengths, but also adapts and changes, moving with the times. This creates a unique environment, unmatched anywhere, as it welcomes people from all backgrounds, nations and skills. Brexit does not change this. If anything it reinforces it, with a focus on attracting skilled workers. Brexit will enhance London’s competitiveness. The UK is the leading service sector economy in Europe and London leads the way. These strengths are not because of EU membership, it is largely accepted that the EU’s single market does not work well for services.

The European Commission’s detailed analysis shows London is the most competitive of the EU’s 263 subregions. Two of the other top five are in the south of England, benefiting from London’s reach: Berkshire, Buckinghamshire and Oxfordshire are second; Surrey, East and West Sussex fifth. By comparison, Utrecht is third, Stockholm fourth.

London’s success is attributed to many factors, the bulk of which are Brexit-proof and will remain. These include: the English language; independent courts and institutions; and the importance of English common law across the globe and how we uphold contracts. To this can be added the London vibe, it is the only truly global mega city in Western Europe: a place where people want to live, work and study.

Recent decades have seen London’s rise as a global services city. The rise of the City (London’s banking and financial district) and the business, professional and financial services sector has been a powerful driver of London’s growth. Areas such as law, consultancy and banking ensure London has the highest number of skilled mobile jobs of any city in the world.

The City of London is in a strong position to maintain its status as one of the world’s leading two financial capitals, competing with New York. When the UK did not join the euro back in 1999 it was widely predicted that London would lose its status as Europe’s financial capital. Nothing was further from the truth. Its position has been cemented since.

Naturally some companies have contingency plans post Brexit, but the vast bulk not only want to keep their operations and are still expanding in London, as its starting position is strong. Employment in the City continues to rise. Post-Brexit, the UK looks set to continue its approach of building a world leading market-friendly regulatory framework, in line with global standards and best practices, and to attract businesses that meet these.

The City’s strengths are deeply embedded. Moreover, London is in pole position to become the center of global Fintech. Since the 2016 referendum, the major technology companies have committed new investments to London, to make it their global tech hub, outside of Silicon Valley. Given the growing interaction between finance and technology, this is a big positive for London.

London’s economy is that it has a range of vibrant economic clusters. Its world-class tourist and creative sectors have helped too. All are attractive for Chinese investors.

Other exciting economic clusters continue to emerge and thrive in London. As well as technology there is life sciences too, with London and the South East, being a world leading cluster in the research, development, manufacture and commercialization of life sciences. Freed from the EU’s precautionary principles, this area should prosper with Brexit.

There is the university sector, too. In the top 100 universities in the world, two countries dominate, the United States by a long way and then the UK. Among the top 100 universities, Germany and France, for instance, have one each. The UK has 14, with London alone having four in the top 40. Furthermore it has other top research institutes. Little wonder London is the top destination for international students in the world. There is a huge talent pool for inward investment.

For Chinese investors, London offers both short and long-term opportunities. There are brand, asset and technology seeking investment opportunities too that will help economic development at home, as China moves up the value curve. London, and indeed the UK, will remain an attractive destination for Chinese investment.

The author is a leading UK economist. He is also an independent nonexecutive director of Bank of China (UK). The author contributed this article to China Watch exclusively. The views expressed do not necessarily reflect those of China Watch.

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