THE TOP executive of Barclays Bank has said that Brexit offers the UK to focus its valuable financial sector on Asia and the US while maintaining ties to the EU.
Jes Staley, who leads Barclays Bank, told the BBC that Brexit should be seen as an opportunity for Britain to focus its lucrative financial services sector on markets in Asia and the US – while developing trust and good relations with Europe.
The top banker said that while Brexit had caused substantial amounts of money and jobs to relocate to the EU, Britain should now channel its financial sector on “New York and Singapore” rather than “Frankfurt or Paris“.
He said that the UK’s high levels of financial regulations serve as one of Britain’s most competitive strengths on the international market, and hailed clampdowns on “sell now, buy later” practices in the City of London.
The British financial services sector makes up 11% of the country’s total tax revenue and employs over one million workers – two-thirds of whom are based outside of London. Staley said that, while £1 trillion and 10,000 jobs had moved to the EU after Brexit, Britain should see Brexit as an opportunity for its financial sector as opposed to a setback.
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