The chief executive of Barclays, Jes Staley, has said that the UK's financial services industry should focus on competing with the US and Asia rather than the European Union after Brexit. In an interview with the BBC, Staley argued that Brexit offers the City of London the chance to define its own agenda and that the focus should be on New York and Singapore, not Frankfurt or Paris.
Staley acknowledged that some jobs and capital have moved to the EU as a result of Brexit, but described the impact as modest. He noted that Barclays employs around 50,000 people in the UK, with only hundreds of roles relocating to Europe. He also emphasised that London remains the main centre for the bank.
Contrary to some expectations, Staley dismissed the idea of widespread deregulation to boost competitiveness. He praised the UK's robust regulatory framework, citing the Financial Conduct Authority's clampdown on buy now, pay later schemes as the right approach. 'It protects the financial industry in London,' he said.
Catherine McGuinness, head of policy at the City of London Corporation, echoed Staley's views on regulation. She stated that there is no great demand for a 'bonfire of regulation' and that trust in UK regulation is a key reason why businesses choose London. She also expressed disappointment at the lack of focus on financial services during Brexit negotiations.
Staley also highlighted the potential for London to become a global hub for green finance, comparing the current state of climate awareness to the early days of the internet in 1995. However, Barclays faces criticism from climate activists due to its financing of fossil fuel projects.
