Brexit hasn't cost as many UK finance jobs as once feared, says City of London boss

Mr Hayward said while some jobs had been lost as a consequence of the end of ‘passporting’ arrangements which made it simpler to trade in Eurozone countries, other opportunities had been created.

He said: "The City has really been quite resilient to Brexit. We have not lost as many jobs in the financial services sector as many of us feared we would do. We’ve lost some because of passporting but there have also been jobs created because of European firms opening up in the City and the Square Mile.

"Now that long, painful divorce with the EU is finally complete we have now got the Windsor Framework which has allowed us to start to talk to the European Commission again.

"I travel extensively in Europe in the member nations and the bilateral relationships I have with those countries are very positive.”

A report by the House of Lords European Affairs Committee last year said financial services jobs in the UK had been less affected than predicted, with around 7,000 moving to the EU compared to forecasts of 75,000 moving.

However, the committee also warned against “complacency in this regard”, saying that it was “not yet clear whether the impact of Brexit on employment has fully played out”.

Earlier this year, analysis by the City of London Corporation across 101 different metrics said London remained the world’s top financial centre ahead of New York, Singapore, Frankfurt and Paris.

The corporation is calling for reforms from the next Government to assist the financial services sector, such as the introduction of a specialist 'concierge' service to encourage more foreign investment in the UK.

Mr Hayward said: "What we have to be really clear on is we cannot in the United Kingdom be complacent about our position as a financial and global country and capital.

"When you look at New York or to the Far East and the emerging economies of Singapore and Japan and India as well you see challenges to our historical pre-eminence.

"We have lots of natural advantages like our language, our law, our legal system but to maintain us as the number one global one financial centre we have to be far bigger in selling the United Kingdom across the world.”

Mr Hayward, a former Conservative councillor who previously served as a deputy leader on both Hertfordshire and Dorset County Councils, emphasised the politically independent nature of his City of London role.

“That is a strength of the corporation because we are run by 125 almost exclusively independent politicians which means we don’t frighten the horses of any government. We are a genuine convening force for the sector which is non party political and we will work with whatever party in government the country gives us.

“I talk to politicians across the sector and am absolutely not party political. The fact historically I was engaged in local government with the Conservative party is history and not what I do today."