Bosses sound Brexit alarm
London Stock Exchange CEO warns of 232,000 job cuts, loss of clearing business and Europe-wide instability
London financial bosses have issued renewed warnings about the potential effect of Brexit. Speaking in testimony before the Treasury select committee in the capital on Tuesday, London Stock Exchange Group CEO Xavier Rolet outlined the most dire threats should officials fail to implement an orderly transition out of the EU. He said the effect would not just lead to 232,000 job cuts and the loss of the UK’s clearing business, it would pose a risk to broader financial stability. Testimony from HSBC Holdings chairman Douglas Flint and Allianz Global Investors vice-chairwoman Elizabeth Corley echoed Rolet’s warnings on the need for a longer-term, "grandfathered" transition plan. Financial services bosses have pleaded for a so-called "soft Brexit" that would preserve access to the single European market as much as possible. While those hopes seem to have faded in recent weeks, the executives reasserted their desire for some sort of transitional agreement to be negotiated by Prime Minister...
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