Luxembourg for Finance (LFF), the promotion Agency of the financial centre, writes that they regret the decision of the British. Nevertheless, they respect the democratically made decision. As a result, both Britain and the EU are facing new challenges.
The financial centre of Luxembourg stand still for a strengthening of the internal market. The common market for financial services is to develop strong and will – also regardless of the decision of the British. The financial centre intends to work more closely with the financial centre of London, LFF. This cooperation had benefited in the past both of them.
Afraid of the uncertainty
The Luxembourg banking Association ABBL “prend acte” of the fact that the majority of voters in the UK, has opted for an exit from the EU. Now, it is important to clarify quickly, as the procedure of withdrawal is going to happen. Long negotiations without a clear output would make for uncertainty, warns the ABBL. The EU, as well as the markets need a framework that makes long-term Planning possible.
Further, the ABBL writes that belonging is to the internal market for the Luxembourg life important. Everything had to be done, that the functioning of the internal market also in the future as well.
Long live the internal market
Also, the Association of the investment Fund industry ALFI writes that it is now therefore go to, to find practical ways for the implementation of the decision taken. What will be the final consequences of the decision today is, however, still unclear. Everything is hanging on the coming negotiations. In this context, ALFI for quick decisions is a plea not to extend the period of uncertainty. In addition, it must be ensured that the “level playing field” remains.
Then, the Fund industry Association, underlines that the industry will have very good relations with the UK. A total of 16.5 percent of the Luxembourg Fund managed Money supply come from the island. Only from the USA even more money flow in the Luxembourg Fund.
To remain competitive
But not only, the Luxembourg financial world deals with the topic. Also, the “British Chamber of Commerce” (BCC), an Association of business people with interests in the UK and Luxembourg, said today on the topic: the most important thing was to ensure that both the United Kingdom and Europe to remain internationally competitive. It is also important to keep the period of uncertainty as short as possible. The BCC but also the fact that you had supported as an independent and non – political organization – none of the two sides.