London's resurgance as Europe's most valuable stock market for the first time in nearly two years proves Brexit "naysayers" wrong, former Tory MPs have said.
According to Bloomberg data, the total value of companies listed on the LSE hit $3.18 trillion yesterday, overtaking the companies listed on the Paris Stock Exchange - valued at $3.13 trillion.
The French market has declined because of uncertainty surrounding the snap election, called by Emmanuel Macron earlier this month. While the UK market is recovering after several years of underperformance.
Tory candidate Marco Longhi said the development "serves as a powerful rebuttal to anti-Brexit commentary".
London's resurgance as Europe's most valuable stock market for the first time in nearly two years proves Brexit "naysayers" wrong, former Tory MPs have said
PA
Former Conservative minister David Jones told GB News the development proves people who have been talking Brexit down wrong, adding: "It also draws a contrast between the stability of the UK and the chaos of France, where Macron’s snap election and the extremely polarised political background have resulted in a flight of capital from the country."
He continued: "The City of London is a proven financial powerhouse backed by an ecosystem of diverse and highly developed professional expertise.
"It flourished long before the EU was ever thought of, and it will certainly outlast it."
Longhi told GB News: "For years, Brexit critics have sounded the alarm, predicting economic doom for the UK following its decision to leave the European Union. They pointed to a myriad of challenges—the devaluation of the pound, recession fears, and a supposed exodus of businesses—as evidence that the UK was on a path to financial ruin. Yet, recent developments in the stock market tell a different story, one that proves the naysayers wrong.
"The narrative that Brexit would cripple the UK's financial markets has been turned on its head. The LSE's performance was indeed impacted by short-term factors such as the mini-budget fallout and a weak pound.
"However, the enduring strength and resilience of the UK market have ultimately prevailed. This recovery highlights the robustness of the UK's financial infrastructure and the effectiveness of its policies in stabilising the market.
"In contrast, the French market has struggled due to political instability. The uncertainty surrounding France's upcoming election has led to market jitters, demonstrating that political uncertainty within the EU can also significantly impact financial stability."
He added: "The recovery of the London Stock Exchange is not just a financial milestone; it is a testament to the resilience of the UK’s economy post-Brexit. It underscores that the UK can thrive independently, contrary to the bleak predictions of Brexit opponents. The flexibility to navigate global financial challenges and capitalise on investment opportunities affirms the strategic advantage gained from reclaiming economic sovereignty."
Longhi said the "resurgence of the London Stock Exchange serves as a powerful rebuttal to anti-Brexit commentary".
He added: "It demonstrates that the UK’s economic future is bright, capable of overcoming challenges and seizing opportunities in a rapidly changing global market. Far from being a disaster, Brexit has allowed the UK to prove its economic mettle and position itself as a formidable player on the world stage."
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