The chairman of Lloyds Banking Group Lord Blackwell has said the City can weather a “no deal” Brexit. In comments this morning reported by City AM, Blackwell said:
“I’m not complacent, but I do think London and UK financial services can weather a situation where there is ‘no deal’… There is no single centre in Europe that is likely to emerge as being able to replace London.”
Blackwell’s comments come a month after Bank of England Governor Mark Carney warned the City was not doing enough to prepare for a no deal outcome. In a speech Carney said: “Prudent planning means that you have to also plan for a shorter time horizon and a more extreme outcome… we’ll be absolutely clear that is not in the best interest of the EU 27 or the United Kingdom or the global system as a whole.” Firms seem more confident…
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