Finance Minister Gramegna to Visit London on Brexit & FinTech Mission

Luxembourg’s Minister of Finance, Pierre Gramegna, will visit Lodon this Thursday 13 July where he met with leaders of several financial institutions to discuss their Brexit strategies and the role Luxembourg can play in this context.

Minister Gramegna will all participate in a seminar on FinTech.

Finance Minister Pierre Gramegna insisted on the fact that when it came to Brexit, the situation needed to be de-dramatised and that one needed to look reality in the eyes.

Luxembourg wants to keep good relationship with the city of London, he said, and even though the relationship will be different, ties between the two countries won’t disappear the day the UK leaves the EU.

In terms of strategy for attracting businesses to the Grand-Duchy, Gramegna said that Luxembourg was not – and didn’t need to be – overtly aggressive in trying to lure business out of London and that they would continue their strategy with a “calm hand.”

Overall, he said that in the short-term, the country was looking at many opportunities and would have the chance to further diversify its financial place.

In a longer-term perspective, Gramegna stressed that Luxembourg should negotiate common rules and a transitional period, considering the importance of Britain to Luxembourg’s economy.

He cited the importance of the UK as a trading partner for the Grand-Duchy as it is the seventh largest supplier to the country and the fifth largest importer of Luxembourgish services. For the financial sector, the flow between the two countries amounts to more than €10 billion per year.

In his opening remarks, Democratic Party (DP) MP André Bauler echoed those remarks saying that Luxembourg should show a “healthy appetite” but not run around London waving flags or descend onto the city like vultures.

He also stressed that Luxembourg and London’s financial places were linked, and that a fair Brexit deal was very much in the interest of Luxembourg.

For Christian Social People’s Party (CSV) MP Laurent Mosar, Luxembourg had a lot to gain from Brexit if it plays its cards right and said the Grand-Duchy shouldn’t be “naïve or aggressive,” but simply ready.