London: Development of London’s financial centre will “stall” owing to Brexit, but is unlikely to “totally reverse”, Goldman Sachs chief executive Lloyd Blankfein said yesterday.
“It will stall, it might backtrack a bit, it just depends on a lot of things about which we are uncertain, and I know there isn’t certainty at the moment,” the head of the US investment banking giant told the BBC.
“I don’t think it will totally reverse,” said Blankfein.
The British government will soon start negotiations to set the terms of its departure from the European Union. Britain plans to leave the single market but hopes to agree a trade deal, and protecting its crucial financial sector is a main priority.
UK-based financial firms face losing “passporting” rights to sell services to clients operating in the EU once Britain officially quits the EU in March 2019 unless a deal can be reached.