New York and Singapore could be the big beneficiaries of Brexit rather than a single European country, according to a German central bank official who warned that the City of London will be weakened after leaving the bloc.

The message from Joachim Wuermeling, a member of the executive board of the Deutsche Bundesbank, comes a week after one of his colleagues cast doubt over the UK's ability to secure a Brexit transition. Michel Barnier, the European Union's chief negotiator, made similar comments the following day.