Despite the uncertainty created by last year’s Brexit vote, many financial services bosses are predicting a significant boost to London’s influential insurance industry.
According to a recent report, being free from the restraint of EU laws which force British firms to hold more capital than competitors in other European nations will enable British insurers to be much more competitive.
L&G’s chief executive Nigel Wilson (pictured), among other insurance bosses, recently gave evidence to a Treasury Select Committee to this effect, with Wilson also quoted as saying “We have regulation which encourages us to buy US bonds, German bonds and particularly sovereign bonds, even Greek bonds, in preference to UK assets - that cannot be a good outcome from a UK point of view.”
“We want to invest in new, real assets that create jobs in the UK. We have done about £8bn so far, but we could do a lot more.”