London won't lose its title as the world's number one financial center after Brexit, according to the U.K's International Trade Minister.
Liam Fox was asked at the Future Investment Initiative conference in Riyadh if he was troubled by a recent tweet from Goldman Sachs CEO Lloyd Blankfein that appeared to suggest Frankfurt in Germany would be the best place for financial services once Britain left the EU.
Speaking as part of a panel, Fox said London still held many advantages and suggestions that London could lose financial capital after Brexit didn't bother him.
"No, London is and has been the premier financial center of the world. It has a depth of financial infrastructure that really stretches across the United Kingdom. It has got a level of liquidity that people struggle to find anywhere else," Fox added.
Fox made the argument that people would continue to invest and operate in the U.K. because the country had low taxation, low regulation, English as a language and was a great location for trade.
The cabinet minister reinforced his belief that for financial services, London would remain at the top of the pile.
"If you want to put it in shorthand people say money will go where money can be made, money can be moved, and money can be removed. That is a function of law and that is why London will remain pre-eminent."