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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 202.85
Bid: 202.90
Ask: 203.00
Change: -0.60 (-0.29%)
Spread: 0.10 (0.049%)
Open: 204.85
High: 205.35
Low: 200.80
Prev. Close: 203.45
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UPDATE 1-British finance minister to meet bank bosses on Brexit gameplan

Tue, 06th Sep 2016 23:01

(Adds Hammond comment)

By Andrew MacAskill

LONDON, Sept 7 (Reuters) - Top British bankers will tellfinance minister Philip Hammond on Wednesday to give them aclearer idea of what the country's divorce from the EuropeanUnion will mean for them when they hold their first meetingsince the Brexit vote.

Hammond is to meet with executives from major banks andinsurers, including Barclays, HSBC, StandardLife Santander UK, the British arm of Spain's BancoSantander, according to sources.

Britain's financial sector employs 2.2 million people andits executives say the industry deserves to be a priority in the Brexit negotiations because it is the country's largestexporter and accounts for about 12 percent of its tax revenues.

Britain's shock vote to leave the bloc has forced companiesto rethink their business strategy, which until now has dependedon having an EU "passport" to operate across the region fromLondon.

Bankers say they the next six months will be critical indeciding how much business they might need to move from London,if the EU divorce means a loss of passporting.

Banks and insurers are already making contingency plans toshift parts of their European operations from Britain if Brexitmeans the country does not maintain access to the EU singlemarket.

But some bosses say they are planning blindly, with littleidea of the type of trading deal Britain might pitch for whenits official EU exit process begins.

"If the government doesn't have a clear idea of what itwants the banks will just go," said one senior banking source,who asked not to be named. "They are not going to be hangingaround waiting for the cliff edge."

Any deal to retain market access would likely involve apolitically difficult decision to allow EU citizens the right towork in Britain, something the banks would welcome but whichmany of those who voted to leave the bloc would reject.

Hammond said in a statement on Wednesday he would have moremeetings with business leaders in the coming weeks to hear theirconcerns and would hold a further session with finance sectorexecutives next month.

"We want to ensure the continued investment that creates jobsand supports wage growth throughout this period of uncertainty,"he said.

On Monday, opposition politicians accused David Davis, theminister charged with negotiating Brexit, of lacking a planafter he addressed parliament on Brexit for the first time sincetaking his role.

The Treasury is currently seeking views from financial lobbygroups and companies about how they will be impacted by losingaccess to the single market, according to people familiar withthe process.

There are similar conversations taking place with the Bankof England and with government departments, including theDepartment for Exiting the European Union, according to anothersenior bank executive.

Banks and other financial firms are also working through arange of lobby groups and individual companies are alsoexpressing their own views.

"There are too many contact points and too many channels,"the executive said. "There is too much duplication and confusionabout who is responsible for making the decisions." (Reporting By Andrew MacAskill, editing by Sinead Cruise andJane Merriman)

More News
Today 13:48

UK shareholder meetings calendar - next 7 days

Friday 3 May 
Ashoka India Equity Investment Trust PLCGM re share issue
HSBC Holdings PLCAGM
Intercontinental Hotels Group PLCAGM
Mondi PLCAGM
More Acquisitions PLCAGM
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Caledonia Mining Corp PLCAGM
CPPGroup PLCAGM
Just Group PLCAGM
Macfarlane Group PLC AGM
Plus500 LtdAGM
Supernova Digital Assets PLCAGM
Wednesday 8 May 
Airea PLCAGM
Antofagasta PLCAGM
Aston Martin Lagonda Global Holdings PLCAGM
Deltex Medical Group PLCAGM
Direct Line Insurance Group PLCAGM
Fidelity European Trust PLCAGM
Haleon PLCAGM
Jardine Matheson PLCAGM
JZ Capital Partners LtdEGM re investing in a secondary fund
Oscillate PLCAGM
Pershing Square Holdings LtdAGM
Rentokil Initial PLCAGM
WPP PLCAGM
Thursday 9 May 
Ascential PLCAGM
BAE Systems PLCAGM
Balfour Beatty PLCAGM
Barclays PLCAGM
CAB Payments Holdings PLCAGM
Catenai PLCGM re convertible loan note
Clarkson PLCAGM
FBD Holdings PLCAGM
Genel Energy plcAGM
Gym Group PLCAGM
Harbour Energy PLCAGM
Hiscox LtdAGM
IMI PLCAGM
Inchcape PLCAGM
Indivior PLCAGM
John Wood Group PLCAGM
Jupiter Fund Management PLCAGM
Logistics Development Group PLCAGM
Man Group PLCAGM
Morgan Advanced Materials PLCAGM
OSB Group PLCAGM
Public Policy Holding Co IncAGM
Rathbones Group PLCAGM
RM PLCAGM
Spire Healthcare Group PLCAGM
Synthomer PLCAGM
Uniphar PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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