Brexit mess makes Britain ‘hot heads’ of Europe, says City’s policy boss

 
James Warrington
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McGuinness said banks, insurers and asset managers in the City are moving business away from the UK (Source: Getty)

Britain’s mishandling of Brexit has made it the new “hot heads” of Europe and damaged its financial services industry, according the the City of London’s policy boss.


Catherine McGuinness said the uncertainty surrounding Brexit has damaged the country’s reputation and will take time to rebuild.

“We do travel the world quite extensively and I do find people asking what is going on in the UK, saying ‘you used to be so statesman-like and rather boring, and now you seem to have become the hot heads and hot bloods of Europe’,” she told Reuters.

McGuinness said banks, insurers and asset managers in the City are moving business away from the UK without waiting for the outcome of Brexit.

“People realise it is going to be very turbulent whatever happens,” she said. “The worst-case scenario would be no-deal happening by accident or design.”


The City’s policy chief said the full outcome of the UK leaving the EU is not likely to be felt for at least 10 years.

The comments come a day after the FCA issued a warning to banks about moving business away from the UK because of Brexit.

A Reuters survey showed the number of jobs banks expect to relocate from the UK is roughly 5,800, down from initial estimates of 10,000 last year.



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