Bank chief: We’ll thrive out of EU

Lloyds boss’s vote of confidence in Britain (... and he’s from Portugal)

THE boss of Britain’s biggest lender yesterday said his company would ‘thrive’ outside the EU.

Lloyds chief executive Antonio Horta-Osorio said the decision whether to remain wedded to Brussels is a ‘matter for the British people’.

But the 52-year-old Portuguese banker repeatedly paid tribute to the strength and ‘resilience’ of the British economy – which he said is ‘inextricably linked’ to the prosperity of Lloyds.

Some 200 companies, including leaders of 36 FTSE 100 companies, have signed David Cam- eron’s letter backing the In campaign. Several bosses have warned of the repercussions for the UK – and for big business – if the country chooses to go it alone.

But Lloyds is just one of a long list of blue chip companies – including Sainsbury’s, Tesco and Next and The Royal Bank of Scotland – that have refused to put their name to the letter. Mr Horta-Osorio yesterday said the bank’s board will consider the potential impact of Brexit at its next meeting and conceded that the EU referendum would create ‘uncertainty’.

But he was far more optimistic about the ‘underlying strength’ of the British economy to weather any storm than many of his pro-Brussels peers. He pointed out that the UK is one of the fastest growing in the G7 group of major industrialised economies – and one of three countries to do this in the West without taking on more debt. The other two are Ireland and the US.

The group – which also owns Halifax, Bank of Scotland and pensions giant Scottish Widows – is the UK’s biggest retail bank, with around 30million customers.

Mr Horta- Osorio said: ‘ We have a very good idea what is happening in this country. The future of Lloyds and the future of the economy are inextricably linked.’

He added: ‘ We have a very robust model which will thrive in any conditions. We are quite positive about the outlook for the UK economy.’

The bank’s chairman Lord Blackwell has already refused to stick to the

‘Not sticking to the Downing Street line’

Downing Street script and has been an outspoken critic of Brussels.

The former adviser to John Major and Margaret Thatcher said in October there are ‘no compelling arguments’ for staying in the EU without major reform.

Yesterday’s upbeat prognosis from Mr Horta-Osorio was hailed by Eurosceptics as a boost for the Out campaign. It comes after Downing Street was forced into a humiliating apology after mistakenly adding the name of one of Britain’s most respected military generals to a letter supporting EU membership.

Ukip MP Douglas Carswell said: ‘It is wonderful to hear captains of industry speaking the truth – not just sticking to the Downing Street line.

‘Mr Horta-Osorio is absolutely right. Britain can thrive outside the EU and it’s wonderful to hear the head of one of our high street banks saying what so many people already recognise.’

The intervention from the Lloyds boss came as another business heavyweight admitted leaving the EU would not be a disaster – despite signing Mr Cameron’s pro-Brussels letter. Former Royal Bank of Scotland boss Stephen Hester, who now runs insurance giant RSA, said Brexit would hurt the insurance industry.

But he added: ‘I am not saying the world comes to an end if the UK comes out – Britain will be fine.

‘I think the UK can do well in time both in and outside the EU – but the UK would do better inside the EU.’