LONDON, July 25 (Reuters) - Britain’s banking industry will emerge largely unscathed from Brexit and retain its position as one of the world’s top two financial centres for the foreseeable future, John McFarlane, Chairman of Barclays, told Reuters.
Home to the world’s highest number of banks and largest commercial insurance market, the City of London and its sister district in east London’s Canary Wharf are scrambling to prepare for Brexit, the biggest challenge the financial sector has faced since the 2007-2009 financial crisis.
McFarlane shrugged off fears a controversial blueprint for Britain’s future trading relationship with the European Union would cripple job creation and trigger London’s rapid decline as a global financial services centre.
“I don’t think in the long run that there will be terminal damage [to London],” McFarlane said in an interview in his capacity as chair of lobby group The CityUK. (Editing by Silvia Aloisi)