British bankers wish Trump will reclaim White House
(MENAFN) British financial experts and business leaders have expressed a preference for former President Donald trump over Vice President Kamala Harris in the upcoming United States presidential election, according to a recent report by Politico. This sentiment among London's financial elite stems from their anticipation that a Trump presidency could offer more favorable conditions for British businesses compared to a Harris administration.
The report highlights that, despite concerns about Trump’s potential protectionist stance on global trade, his "laissez-faire" economic policies might offer greater access to the United States market for British companies. This is seen as a critical advantage for the City of London, which is seeking new avenues for growth after Brexit resulted in a significant loss of European Union business.
A senior United Kingdom financial lobbyist, speaking anonymously, explained that Trump’s administration might embrace a less restrictive regulatory framework for financial services. This could, in turn, facilitate increased financial flows between the United States and the United Kingdom. The lobbyist suggested that such a scenario might benefit British financial interests by reducing regulatory burdens and opening up more opportunities in the American market.
In contrast, the current perception of Vice President Kamala Harris's potential presidency is less favorable among United Kingdom bankers. A senior City of London lawyer described Trump as “pro-business” and noted that despite his unpredictability during his first term, his financial policies did not lead to significant disruptions in financial markets. The lawyer also criticized Harris's economic agenda, which is expected to be more stringent on large businesses, potentially targeting them for alleged price gouging.
The report also mentions that earlier appointments made by Trump to key regulatory positions were well-regarded within the industry for their competence and experience. These appointments are viewed positively by United Kingdom financial experts who believe that Trump’s previous administration offered a stable and business-friendly regulatory environment.
Overall, the City of London’s preference reflects a broader concern about how different United States presidential candidates' policies could impact international trade and financial relations, with a clear inclination towards Trump’s business-friendly approach over Harris’s potentially more restrictive stance.
MENAFN01092024000045015687ID1108623915
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.