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MPs to grill City bosses over Brexit claims

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Three major City bosses face a grilling from influential MPs over suggestions financial services firms have exaggerated the risks posed by Brexit.

HSBC chairman Douglas Flint, London Stock Exchange boss Xavier Rolet and Elizabeth Corley, vice chairman of asset manager Allianz Global Investors, will appear before the Treasury select committee tomorrow, the Telegraph reports.

It is understood MPs will investigate whether UK banks and asset managers have exaggerated the likely impact of Brexit on the City as a way to push the Government agenda towards prioritising the financial services industry in the negotiations with Brussels.

The news comes as last week Bank of England chief economist Andy Haldane said economists are “to some degree in crisis” after failing to foresee the 2008 financial crisis and the impact of the Brexit vote.

In the days following thew EU referendum, HSBC was reportedly said it could move 1,000 staff from its London office to Paris.

Among others, Morgan Stanley, BNP Paribas and JPMorgan have also reportedly made plans to reduce their UK operations following the vote to leave the EU.

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. And if the MPS here what they don’t like will they listen or take any notice? Teresa Farage just opened her mouth on the weekend and Sterling collapsed by a further 1%

  2. Neil F Liversidge 9th January 2017 at 10:48 am

    Big corporations decide whether or not to support a political idea on the basis of marginal advantage. If they think they’ll be 1% better off staying in the EU they’ll support it. Some of us base our voting decisions on different criteria, such as being able to elect and unelect political decision makers. The EU is incurably undemocratic. It will never reform itself. It’s government by a self-perpetuating oligarchy. It’s the nearest thing the west has to the way China is run. I’d rather eat grass than live in such a regime

  3. Banks are only doing what they need to do & that is to protect there trading position. If scientists said that there was a 15% chance that the San Andreas fault would cause devastation in the next 2 years, what business would not have contigingencies to protect their business. The banks mentioned are the only ones that have come out in the open. I am sure that many others have plans,but are keeping them quiet!

  4. With you on the total lack of democracy front Neil. Also why would we not widen our opportunities to trade, on our terms, with the 6.5 billion people who do not live in the EU. Yes it would be in both the UK and EU interests to have reasonably free trade between us but we should arrange our immigration policies to suit ourselves, as in allow in those with special skills that will help the UK economy. Free movement of people was for different times and there was never a thought of how that would play out with the great disparities of income that have come with an enlarged Union. The unelected European Commission is intransigent and will not recognise that times have changed and the EU needs to evolve.
    We have a brilliant opportunity to grab and the European elite are scared witless by the thought that we shall succeed, thus questioning the rationale for the whole European Project.
    Yes I know the ‘Project’, conceived in different times, bound Europe together when it needed to heal in the aftermath of the 2nd World War and was an economic bulwark against communism but times have changed and a different approach is now needed.
    As you say Neil the EU will not change, we’ve been bashing our head against the wall for 40+ years and instead of opening to the outside world the EU has become more inward looking and in some ways more xenophobic while trying to control more and more facets of citizens lives.
    Sorry, got sidetracked. The ‘City’ is big enough and dynamic enough to morph into whatever is needed and while it may loose some business in a few areas this will be more than made up in others and in five years there will be more business going through London than if we had decided to remain rather than leave.

  5. Brexit really has highlighted just how short term the world is and how self interest reigns supreme in every aspect of life.

    Pretty much every media outlet misreport almost everything these days rather than even attempt to give a balanced account of things.

    Politicians seem hell bent on proving that going round and round in circles, ignoring the obvious to get headlines in the best way to serve the country that elected them.

  6. Sorry for the typo – don’t like what they HEAR.

    Oh and Neil I don’t give a fig for more democracy if it means I have to eat grass! I’ll go withg almost anyone who will give me a 1% (or more) advantage. Why would this be surprising? I was a financial adviser for about 30years, not because it was any old job, but because I was interested in and devoted to finance and money.

  7. ………. oh no you weren’t Harry (still the panto season)! Anyone doing this job for 30 years does it because of their passion for it!

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