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11 January 2018

Bloomberg: Barclays CEO urges Theresa May to cut taxes post-Brexit

Barclays Plc Chief Executive Officer Jes Staley called on UK Prime Minister Theresa May to cut taxes and relax regulations on British banks after Brexit, according to a person familiar with his comments.

Staley told May and other industry executives meeting that high taxes and burdensome regulation were making it hard for U.K. financial-services firms to compete against their U.S. rivals.

It was the most constructive discussion between the government and bankers in some time. Other executives invited to the meeting included Deutsche Bank AG CEO John Cryan, HSBC Holdings Plc Chairman Mark Tucker and UBS Group AG Chairman Axel Weber.

 “The prime minister gave an overview of the U.K.’s position and updated on Brexit negotiations -- including the U.K.’s aim to agree an implementation period by the end of March,” according to a statement from May’s office. “The business leaders were united in emphasizing the need for as much certainty as possible,” and also “gave their views on how to maximize the benefits of an implementation period.”

Negotiations on the future trading relationship between the EU and U.K. are due to resume in March, with the position of banks a major discussion point. Germany will demand the U.K. make substantial contributions to the EU budget for the privilege of its financial firms having access to the single market after Brexit, officials familiar with their thinking said Wednesday.

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© Bloomberg

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