Project Fear THWARTED: Finance boss reveals reason why British cities are backing Brexit

Project Fear THWARTED: Finance boss reveals reason why British cities are backing Brexit

BRITAIN’S economy is thriving despite claims the UK would plunge into a recession after Brexit – with businesses and politicians in UK cities working to make Britain a success after leaving the European Union, CEO Nigel Wilson has said.

CEO of Legal & General Nigel Wilson said the UK economy is doing “pretty well” since the Brexit vote with people in cities around the country working to make it thrive after leaving the EU.

Speaking on CNBC, Mr Wilson said: “The global economy is doing very well despite all the noise that’s going on at the moment. And indeed the UK economy is doing pretty well.

“We are seeing very committed local politicians at a city level and business people at a city level trying to sort of lean into Brexit and make sure that actually their particular city or town is doing particularly well.”

Mr Wilson praised the CNBC host for outlining the financial highlights that have taken place since the Brexit vote. He said: “As you said, there are all both terrific profits – both operating profit and TBT both up 32 percent to £2.1billion.”

The businessman said Prime Minister Theresa May is unlikely to scupper Brexit as he said people in cities around the UK are working to make the UK flourish after leaving the EU.

He said: “There’s a lot of noise around the negotiations on Brexit and there’s a great obsession of that in the square mile. But actually when we visit Newcastle, Leeds, Manchester, Cardiff, Bristol, Bath, Birmingham – most of the discussion is very localised about how do they build a more successful urban economy in their city or town.”

Mr Wilson also said it will mean “nothing” for Legal & General if the UK is unable to strike a deal with the EU on financial services.

French finance minister Bruno Le Maire ruled out the UK getting a free trade deal on financial services during a radio interview on Tuesday.

He said: “We have to avoid any misunderstanding between the British people and the French people, between the UK and the EU.

“Financial services cannot be in a free trade agreement for many reasons. For reasons of stability, for the sake of supervision, because there are very specific rules for financial services.”

The Prime Minister said Britain will not be “rule takers” after Brexit as she ruled out access to the EU’s passporting system.

Mrs May also called for “mutual recognition” in which the UK and EU would agree common regulatory outcomes but have the freedom to set their own rules.

But the European Commission’s chief Brexit negotiator Michel Barnier was quick to shut down the claims. He said: “In the absence of a common discipline, in the absence of EU law that can override national law, in the absence of common supervision and a common court, there can be no mutual recognition of standards.”

Following the speech, Mrs May said in an interview with the BBC: “If we were to accept passporting, we’d just be a rule taker, we’d have to abide by the rules that were being set elsewhere.

“Given the importance of financial stability, of ensuring the City of London, we can’t just take the same rules without any say in them.”

The passporting system allows banks and financial companies to trade freely in any European Union member state.

The European Union passporting rights are a fundamental element of the single market.

The loss of passporting rights would mean UK banks and financial firms would need to set up subsidiaries within the EU and apply for a local licence in order to continue trading within the EU.

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