Barclays chief: Britain will flourish free from Brussels

BREXIT will allow the UK to take back control of its future and can benefit the economy, the boss of Barclays has said.

Jes Staley claimed any shortterm economic hit as we leave the European Union will be so minor it will pass almost unnoticed.

Taking questions after a speech at King’s College London, the 61-year-old American banker said: ‘The question is, ten, 20 years from now, will the flexibility of managing a modern economy, having the power centre in London for the British economy, will that then become a competitive advantage? I think the door is open.’

Mr Staley added that uncertainty caused by Brexit will probably have an impact over the next few years, but he does not expect a recession or anything close, saying simply that growth will be lower than it might have been if the UK had stayed in.

He also said there will be a chance to cut red tape and make the country more competitive when it is free from stifling Brussels rules.

Mr Staley suggested a lucrative trade deal can rapidly be struck with the US thanks to our special relationship. ‘I had some conversations recently with the Government about this and I think there is a discussion going on,’ he said.