‘No financial centre will challenge post-Brexit London’ Lloyds boss mocks Remainer claims

London City_2

EUROPEAN Union member states will not be able to challenge London as the financial centre of the world post-Brexit, the chairman of Lloyds Banking Group has said.

Lord Norman Blackwell insists there will no “Jenga tower” collapse once Britain leaves the bloc.

The backer said the UK’s financial services have strong foundations in London which will enable the city to maintain its position as a major financial centre.

Even if some banks move staff to new cities such as Paris and Frankfurt, Lord Blackwell says London will continue to thrive.

You will end up with a fragmentation. But none of these financial centres will be able to challenge London

Lord Norman Blackwell

He told the FT: “You will end up with a fragmentation. But none of these financial centres will be able to challenge London.”

The Lloyds chairman stressed: “80 per cent of what goes on in London isn’t directly connected with the and much of the activity that is related to the EU won’t necessarily move.

 

Lloyds boss Lord Norman Blackwell insists London will not be challenged post-Brexit“I’m not complacent, but I do think London and the UK financial services can weather a situation where there is no deal.”

May warns against those in Europe who want to punish us for Brexit

Prime Minister Theresa May has indicated she is willing to walk away from the Brussels negotiating table without a deal.

Lord Blackwell’s comments were in response to his HSBC counterpart Douglas Flint who warned: “The ecosystem in London is like a Jenga tower. You don’t know if you pull one brick out what will happen.”

Lord Blackwell hit back saying: “Rather than a Jenga tower, I think of a Tower of London, with deep foundations.”

Lord Blackwell insists there will no “Jenga tower” collapse once Britain leaves the bloc

Lloyds Banking Group’s chief executive Antonio Horta Osorio has echoed his chairman saying British banks will thrive after Brexit.

Several countries, including France and Ireland, have launched charm offensives since Brexit in an attempt to lure British financial institutes away from Britain.

In March, French delegates warned of economic instability following Britain’s EU divorce and offered Paris as a more stable alternative.

Prime Minister Theresa May has indicated she is willing to walk away from the EU without a deal

Prime Minister Theresa May has indicated she is willing to walk away from the EU without a deal French President Emmanuel Macron has said he wants to coax bankers to Paris

French president Emmanuel Macron said he wanted to lure bankers away form London to Paris during his election campaign.

Mrs May met with Mr Macron today and warned him she wants talks to begin on a new deal for Britain with the EU without waiting for agreement on the UK’s “divorce” bill.

The Prime Minister used her first one-to-one meeting with Mr Macron since he took office earlier this month – held in the margins of the G7 summit in Taormina, Sicily – to press him on the forthcoming Brexit negotiations.

During the French elections, Mr Macron took a tough line on Brexit, backing the stance of EU negotiators who are insisting there must be progress on settling the terms of the UK’s departure – including the financial settlement – before talks on a new deal can start.

 

 

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