London was never going to be a post-Brexit loser

A Goldman insider says one of the “big reasons” to go ahead with the removal of the bonus cap was to compete with other financial centres better.

Richard Gnodde, Goldman’s international chief, said years ago that removing the bonus cap would “put the UK on the same footing, aside from the EU, with every other major financial centre” and “for sure” makes London more attractive.

“If I move a senior person between New York and London I am driving up the fixed cost of our operations,” he previously told the Financial Times. “If that rule doesn’t exist, I don’t have to think about that.”

It marks another win for London, which has bounced back over and over again.

Restaurants and theatres feel busier than ever, with research by the Centre for Cities showing that Londoners’ escape to the country during the first Covid lockdown was modest and short-lived.

Even long-suffering Oxford Street is recovering as visitor numbers return, partly thanks to the convenience of the Elizabeth Line.

HMV returned to the street in November while Ikea is pegged for an autumn opening in the area later this year.

London is hard to beat, argues an Italian-born executive who has lived in both London and New York, but has chosen to bring her children up here.

The capital still offers more opportunities compared to other European cities and is more international, she says, adding that it is also easier to live in than New York.

Sadiq Khan, who secured a third term as London Mayor this weekend, said in a speech earlier this year that the consequences of Brexit cannot be “wished away,” and to an extent he is right.

There is no denying that Brexit has benefited rival EU financial centres while denting London’s job market. But the capital’s charms haven’t faded, and the outlook is looking up.

There has been no exodus of talent because people like it too much.

London was never going to be a post-Brexit loser. The bankers about to enjoy their multimillion-pound packages can attest to that.