In a three-hour grilling at the Treasury Select Committee yesterday Douglas Flint, chairman of HSBC, said about 1000 of his own staff and many more from other City firms could leave the UK unless the government provided coherent guidance on how Brexit would work. With him Xavier Rolet, London Stock Exchange chief exec, asked for a five-year transition period otherwise London risked losing valuable euro clearing business. Adding her voice was Elizabeth Corley, vice-chair of Allianz Global Investors who explained that transition time was needed because of the complex contracts that would need to be renegotiated.
On ITV News last night Sir John Vickers, head of the Independent Commission on Banking which designed measures to clean up UK banks, said efforts so far had been ‘really disappointing’ and what was needed was a ‘more rigorous, more robust [use of] a wider set of information [rather] than rely so heavily on these accounting measures, adjusted as they are for regulatory purposes – they didn’t do very well in 2007-2008 let’s not think they’ll work in future’.
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