London business leaders hail Andy Burnham's push for renewed EU ties

London’s business community greeted Andy Burnham’s advocacy for tighter EU relations as a potential remedy for the decade-long fallout from Brexit. At the E2Exchange gala, roughly 200 senior entrepreneurs and investors unanimously signaled that leaving the EU harmed trade, increased bureaucracy and limited access to skilled workers. A report commissioned by Mayor Sadiq Khan found the UK’s economic trajectory sits about 5% below that of six major EU economies, with London’s wage and productivity gains stunted.

Although the City of London avoided the catastrophic job losses predicted, it has added only modest finance jobs and ceded some market share to New York, while firms such as Goldman Sachs have relocated senior staff to Milan and other EU cities. Think-tank New Financial notes that London remains strong in foreign-exchange and fintech, yet the overall momentum has slowed. Burnham’s position, echoed by figures like Lord Karan Bilimoria, has revived hopes that re-engaging with the EU could lift the city’s economic prospects.