Jens Spahn admitted London would remain “very important” after Britain’s EU divorce but spoke of his hopes for Frankfurt potentially capitalising on London businesses and banks.
Arnaud de Breton, chief executive of Paris EUROPLACE, which promotes the city's financial sector, told the Evening Standard: "The next decade will be a French decade."
Jens Spahn called on London firms looking to leave the city after Brexit to set up in Frankfurt
We would love if those who decide to leave, at least with some entities, London to go to continental Europe to be within the eurozone and the European Union that they go to Frankfurt
He claims 10,000 bankers, fund managers and other top financiers will make the move, as will 10,000 "indirect" jobs, including accountants, IT specialists and lawyers.
But Mr Spahn said Germany would stand strong. He said: “With all due respect I would say we have a second financial hub, that’s Frankfurt, already within the European Union with the ECB there with many many big banks and financial institutions there.
“And of course we would love, as the German government, if those who decide to leave, at least with some entities, London to go to continental Europe to be within the eurozone and the European Union that they go to Frankfurt.
Brexit: Results of how the UK voted
Mon, March 20, 2017
Much of the North East of the United Kingdom voted to leave the European Union including Sunderland, Gateshead, Darlington, Durham, Hartlepool, Middlesbrough, Stockton, Redcar and Cleveland, North Tyneside and South Tyneside, and Northumberland
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GREAT YARMOUTH: The town of Great Yarmouth on the East Coast of England voted by 72% to leave the European Union.
“Of course we would love to see that but we have as well an understanding that London will remain a very important financial hub for all companies all over Europe.”
When asked if London would be a “dominant” or just “important” within the financial sector, the politician said, “we will see how it develops”.
“I’m a member of the German government, of course, I would love Frankfurt to play an important role as a financial hub and more important one in the future,” he said.
“But I would say there’s enough room for two or three hubs within Europe and London worldwide… with a worldwide view, London will, of course, remain an important financial hub.”