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| Britain must repair ties with Europe after Brexit, says Barclays chairman Britain must repair ties with Europe after Brexit, says Barclays chairman | |
| (6 months later) | |
| Britain needs to retain its ties with Europe after Brexit while building a new international model for financial services, the chairman of Barclays said on Thursday. | Britain needs to retain its ties with Europe after Brexit while building a new international model for financial services, the chairman of Barclays said on Thursday. |
| John McFarlane, who is also chairman of TheCityUK, which promotes Britain’s financial services, said it was important not to lose sight of Europe as a market as businesses sought to build broader international links. | John McFarlane, who is also chairman of TheCityUK, which promotes Britain’s financial services, said it was important not to lose sight of Europe as a market as businesses sought to build broader international links. |
| “Relationships with the EU will need to be repaired,” he told TheCityUK’s annual conference. “We can only hope that whatever transpires will be to the benefit of our membership.” | “Relationships with the EU will need to be repaired,” he told TheCityUK’s annual conference. “We can only hope that whatever transpires will be to the benefit of our membership.” |
| His comments preceded a meeting of business leaders at No 10 with David Cameron and business secretary Sajid Javid to allay concerns that the political crisis enveloping both major UK political parties would spill over into the economy and trigger a recession. | His comments preceded a meeting of business leaders at No 10 with David Cameron and business secretary Sajid Javid to allay concerns that the political crisis enveloping both major UK political parties would spill over into the economy and trigger a recession. |
| Carolyn McCall, the chief executive of easyJet, who attended the meeting, has already warned that quitting Europe will drive up air fares and make holidays more expensive. | Carolyn McCall, the chief executive of easyJet, who attended the meeting, has already warned that quitting Europe will drive up air fares and make holidays more expensive. |
| The prime minister reportedly told business leaders it was important that businesses did not become “fixated” on the EU, but looked to markets beyond to generate new relationships and sales. | The prime minister reportedly told business leaders it was important that businesses did not become “fixated” on the EU, but looked to markets beyond to generate new relationships and sales. |
| McFarlane told the conference: “It’s far from certain what we might be able to secure from discussions with the EU.” | McFarlane told the conference: “It’s far from certain what we might be able to secure from discussions with the EU.” |
| However, he said London was the financial centre for Europe and could remain that way. “Europe’s capital markets are not in Frankfurt, Paris or Dublin; they are in London,” he said, adding that English would continue to be the language of business. | However, he said London was the financial centre for Europe and could remain that way. “Europe’s capital markets are not in Frankfurt, Paris or Dublin; they are in London,” he said, adding that English would continue to be the language of business. |
| Britain is not expected to begin negotiations with Brussels until autumn at the earliest, and possibly not until next year, after a new prime minister has been chosen. Talks to reach a deal on new trading terms are scheduled to take at least two years. | Britain is not expected to begin negotiations with Brussels until autumn at the earliest, and possibly not until next year, after a new prime minister has been chosen. Talks to reach a deal on new trading terms are scheduled to take at least two years. |
| Douglas Flint, the chairman of HSBC, Britain’s biggest bank, said bankers should be wary of making demands in the wake of the vote, which he described as a rejection of the “expert class”. | Douglas Flint, the chairman of HSBC, Britain’s biggest bank, said bankers should be wary of making demands in the wake of the vote, which he described as a rejection of the “expert class”. |
| Making it clear that the bank would maintain its headquarters in London, he told the conference there would be no return to light-touch regulation, although negotiations with the EU could offer an opportunity to recalibrate some rules. | Making it clear that the bank would maintain its headquarters in London, he told the conference there would be no return to light-touch regulation, although negotiations with the EU could offer an opportunity to recalibrate some rules. |
| Flint said the fact that the markets functioned well this week, despite volumes surging to six times normal levels, showed that the regulatory changes since the 2008 financial crisis had left the UK’s financial system in robust shape. | Flint said the fact that the markets functioned well this week, despite volumes surging to six times normal levels, showed that the regulatory changes since the 2008 financial crisis had left the UK’s financial system in robust shape. |
| After British banking stocks were hammered in the wake of the Brexit vote last week, Harriett Baldwin, a junior finance minister, sought to reassure the City of London, pointing out that banks maintain large reserves and the Bank of England was ready to take action. | After British banking stocks were hammered in the wake of the Brexit vote last week, Harriett Baldwin, a junior finance minister, sought to reassure the City of London, pointing out that banks maintain large reserves and the Bank of England was ready to take action. |
| “Financial markets are capable of weathering challenges, they adapt quickly and they find new opportunities,” she said. | “Financial markets are capable of weathering challenges, they adapt quickly and they find new opportunities,” she said. |