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LONDON FINANCE HUB MUST COMPETE OUTSIDE EUROPE: BARCLAYS CHIEF

The capital’s post-Brexit financial services industry must compete more with New York and Singapore rather than with leading EU centres, the head of British bank Barclays said today.

“I think what London needs to be focused on is not Frankfurt or Paris; (it) needs to be focused on New York and Singapore,” Barclays chief executive Jes Staley told the BBC.

The UK’s powerhouse financial sector, which represents around seven percent of the nation’s economy, should emerge stronger from Brexit, according to Staley.

“Brexit gives the UK the opportunity to define its own agenda,” he said, adding that he do not feel there was any need for deregulation to achieve this end.

“And in defining that agenda around financial services, staying competitive with other markets outside of Europe is really what the government should be focused on — and I think that is what they are focusing on.”

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