UK bankers reportedly express optimism about Donald Trump’s potential return to the White House, according to Politico
According to finance experts from the City of London, as reported by Politico, British businesses favor Republican nominee Donald Trump’s victory in the upcoming November US presidential election over Vice President Kamala Harris.
According to reports on Tuesday, the City of London is searching for avenues of growth after losing a significant portion of its EU business following Brexit. While there are apprehensions about President Trump’s protectionist stance towards global trade, his policies favoring laissez-faire could potentially simplify British companies’ access to the US market.
An anonymous UK financial lobbyist told Politico that a White House with less strict regulations on financial services could potentially lead to an increase in cross-Atlantic monetary activity.
According to a London-based lawyer with seniority, Trump was considered “pro-business” compared to Harris who is speculated to have policies that may be “less beneficial” for British firms. Despite the former US President’s turbulent and erratic first term, his financial decisions were not catastrophic enough to result in any significant turmoil or instability within the markets – despite some of these choices being highly disputed.
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The attorney stated that the economic plans of Harris are centered on targeting large corporations for unfair pricing, making her potential presidency an unpredictable factor.
At the beginning of this month, Trump criticized his Democratic opponent for the inflation rate that has continuously exceeded 3% since Joe Biden took office.
The appointments to key regulatory positions made by Trump during his first term were lauded by experts in the City of London for their competence and industry experience.
From 2017-2021 during the Trump administration, Steven Mnuchin, a former Goldman Sachs executive became secretary of Treasury. Also at this time, Randal Quarles who has experience in private equity investing and worked previously for Treasury was appointed to oversee banking operations at the Federal Reserve.
Angus Canvin, director of international affairs at UK Finance – the organization that represents British banks – stated to Politico that political appointments have a decisive impact on trade policies pertaining to financial services and other matters.
Recent surveys indicate that Trump and Harris are in a tight race, with the latter just barely ahead of the former President.
