John McFarlane, chairman of the lobby group The CityUK, remains optimistic despite the prevailing gloom and the lack of clarity surrounding UK’s Brexit strategy.
Britain is home to the world’s biggest banks is also the largest insurance market in the world. Brexit is hovering threatening to wipe this slate clean. The City of London and its sister district in east London’s Canary Wharf, are scrambling for what is said to be their biggest challenge since the 2007-2009 financial crisis.
Taking a brave stance, John McFarlane, the Chairman of Barclays stated, Britain’s banking industry will emerge largely unscathed from Brexit and will retain its position as one of the world’s top two financial centers for the foreseeable future.
Shrugging-off fears of a controversial blueprint which sees Britain’s future trading relationship with the EU which could potentially trigger London’s decline as a global financial services center, McFarlane said, “I don’t think in the long run that there will be terminal damage [to London]”.