British business would prefer to see Republican nominee Donald Trump prevail over Vice President Kamala Harris in the US presidential election in November, Politico has reported, citing finance experts from the City of London.
While there are concerns that a Trump presidency could bring a protectionist approach towards global trade, his “laissez-faire” policies could make access to the US market easier for British companies, the outlet said on Tuesday. This is something the City of London is reportedly looking for as it seeks avenues for growth after losing a major share of its EU business after Brexit.
“You could have a White House that may want to have a less restrictive regulatory framework for financial services, which might indirectly engender more financial flows across the Atlantic,” a senior UK financial lobbyist told Politico on condition of anonymity.
A senior City of London lawyer described Trump as “pro-business,” noting that Harris’ policies are expected to be “less helpful” to British business. Even though the former US president was “wild and unpredictable” in his first term, his financial policies “did not lead to a run on the dollar or any major problems in financial markets even though a number of his policies were controversial.”
Meanwhile, a Harris presidency is “the big unknown” and her economic agenda reportedly involves attacking big business for alleged price gouging, according to the lawyer.
Earlier this month, Trump blasted his Democratic rival over the current administration’s record on inflation, which has consistently remained at over 3% since Joe Biden became president.
City of London experts also hailed the appointments to top regulatory roles Trump made during his first term, highlighting their competence and experience in the industry.
Under the Trump administration (2017-2021), former Goldman Sachs executive Steven Mnuchin was appointed secretary of the Treasury, while Randal Quarles, a private equity investor and Treasury veteran, was given a key banking oversight position at the Federal Reserve.
“The political appointments determine the political agenda in terms of trade for financial services and more,” Angus Canvin, director of international affairs at UK Finance, which represents British banks, told Politico.
Trump and Harris are currently neck-to-neck in most polls, with Harris holding a narrow lead over the former president, according to recent surveys.