Politics

No Deal Brexit would cause ‘VERY SIGNIFICANT’ damage to EU – Brussels warned


John Thomas McFarlane OBE, Barclays’ chairman, said a no deal Brexit would hurt the EU “very significantly”. Speaking at a Brexit conference, he said: “In the event of a no-deal Brexit, it would hurt the EU very significantly.”  And in a bid to quash the worries of the financial sector in London, which has historically spoken out against leaving the bloc without an agreement securing the future relationship between Brussels and the UK, the Barclays’ boss added the EU is likely whatever form Brexit takes.  

He said: “In the end there is going to be a deal, however it transpires.” 

The EU and euro zone appear as if they are becoming a “closed system” in financial services, Mr McFarlane continued, while London has developed as a global financial centre by being open, which makes it easier for the city to “evolve”. 

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