Barclays CEO says Brexit will benefit City of London

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Barclays CEO Jes Staley has said the UK’s departure from the European Union will prove to be a benefit for the City of London.

While some jobs and assets have shifted to the bloc, the CEO said in an interview with the BBC that the ability of the finance industry to set its own agenda would better enable it to compete with Asian and American financial hubs.

“I think what London needs to be focused on is not Frankfurt or not Paris,” Staley said.

It “needs to be focused on New York and Singapore.”

He continued that while the UK should work to maintain good relations with the EU, its future prospects will hinge on its ability to attract global capital and become a hub for areas like green finance. The finance industry is a central pillar of the UK economy, generating about 7% of economic output and employing 1.1 million people.

Mr. Stanley told the BBC: “What the UK needs and London needs, is to make sure that the city is one of the best places, whether it was regulation or law or language, or talent that manages these flows of capital well.

“Brexit gives the UK the opportunity to define its own agenda, and in defining that agenda around financial services, staying competitive with other markets outside of Europe is really what the Government here should be focused on, and I think that’s what they’re focusing on.”

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