Feb 5, 2021
Forget Frankfurt and Paris, says Barclays boss
The UK financial services industry should focus on competing with the US and Asia rather than the EU. That's the view of the boss of Barclays for the City after Brexit. "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, and I've said, in other cases, I think what London needs to be focused on is not Frankfurt or not, Paris, needs to be focused on New York and Singapore". It's not everyone's favourite industry, but financial services employs 1.1 million people, two thirds of them outside London, it is nearly 100 times more economically important than fishing and pays a whopping 11% of all taxes. Catherine McGuinness, head of Policy at the City of London Corporation, said that while financial services didn't get much air time, they are better placed because they started preparing years ago. Creating new products out of pools of sub-prime mortgages almost destroyed the world's financial system.
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