Boris Johnson: Bankers do not fear Brexit

Support in London’s financial sector for UK membership of the EU is “shallow” and leading bankers say privately that they do not expect Brexit would do any damage to London’s position as the world’s top financial centre, Boris Johnson has claimed.

The Brexit-backing London mayor said he was “generally aware” of surveys which show strong support in the city’s financial circles for continued EU membership, as well as the preference of organisations such as the CBI for a Remain vote.

But he told the House of Commons treasury committee that many supporters of EU membership regard the issue as “finely balanced”.

Mr Johnson named Lloyds chairman Lord Blackwell, RBS non-executive director Lady Noakes and Arbuthnot chief executive Sir Henry Angest as “distinguished” bankers who had come out publicly in favour of Brexit.

And he added: “I’m struck by how shallow the enthusiasm for the EU seems to be amongst its supposed backers.”

He added: “It’s interesting that when you dig into these people’s opinions, they are much less strongly held than you might suppose ... What has struck me in private conversations which I occasionally have with leading bankers about this is how finely balanced they see it to be.

“Most of them will candidly say they don’t believe it will do any damage to London’s position as the world’s leading financial centre. That is the overwhelming picture I get.”

Mr Johnson added: “It’s certainly the case that if you look at the survey data, you will find people like the CBI and the Bankers’ Association generally tend to be quite supportive of Remain.

“They have also been supportive of going into the euro, regarding it as essential to completing the single market.

“It turned out to be a disastrous idea. I think they were wrong then and they are wrong now.”