Feb 13, 2017 06:21 AM EST

Brexit May Cost London Its Title Of 'Gateway To Europe'

By A.M. Uygongco
London may lose its title of Gateway to Europe for banks after Brexit.
London may lose its title of Gateway to Europe for banks after Brexit.
(Photo : Expedia/Youtube)

Brexit may cost London its title of "Gateway to Europe" for banks, says German bank regulator.

In a news article published by the Independent, it was written that Andreas Dombret, one of the executive board members of the German central bank, the Bundesbank, stated that the use of London as a gateway to Europe might no longer be applicable after Brexit. He also said that Britain would still not have access to the single market even if banking rules were to be equivalent between the United Kingdom and the European Union.

Dombret also stated that Brexit's movement towards renationalization has a negative effect on everyone's wellbeing. Brexit negotiations are still uncertain at present but Prime Minister Theresa May has made it clear that it will be a hard Brexit for the United Kingdom as reported by Jobs & Hire.

In other news, Bertie Ahern, the former Taoiseach or Irish prime minister accused May of changing her language concerning the physical Irish border, reported BBC. May has previously said that she wants a frictionless border but according to Ahern, she is now saying that the border "won't be as difficult as to create problems."

He cites that that is worrying because it will take away the effects of having an open border such as its calming effects. He added that putting down border posts would be difficult to maintain and could cause negative feelings.

The BBC also wrote that current Taoiseach told May of the negative results that would occur should a hard border be created. He said May understands the possible consequences of such an act.

May herself has said that the ability of the people to freely move across the border is vital in the lives of commuters. Read the full article on the issue here.

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