Brexit deniers are being forced to eat humble pie, after new financial data shows London’s stock exchange out performing its rival in Paris, the Euronext.
The total value of companies listed on the LSE hit $3.18trillion on Monday, while those listed on the Paris Euronext came in at $3.13trillion.
Separate data from the London Stock Exchange Group (LSEG) also suggested the market value of UK-listed companies was bigger.
The London Stock Exchange is benefiting from the political turmoil unleashed by President Macron’s surprise decision to call a snap election, following his party’s humbling in the EU elections.
Around £225billion were wiped off shares in just a week in the wake of Macron’s political gamble.
The euro also plummeted against sterling, which hit a high of €1.19 last Friday.
Tory candidate Marco Longhi said the new data has proven Brexit doom-mongers completely wrong.
He told GB News: “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.”
Remainers predicted an exodus of financial service companies and jobs from London if the UK gave up its European membership.
At first these predictions looked like they would be borne out, with 44 percent of the largest financial services firms and 37 percent of fintech companies in the UK saying they planned to move part of their operations to the EU following Brexit.
Researchers at Anglia Ruskin University (ARU) subsequently found that four-fifths of them eventually did move away.
However, this trend appears to be reversing with businesses now looking to return, including Dutch company Bunq – the second-largest neobank in the EU.
Data supplied by the LSEG showed that the London Stock Exchange’s total market capitalisation is £5tn, nearly £2.2tn more than the next largest European venue, Paris, at £2.81tn.