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Goldman's Lloyd Blankfein tells Theresa May he will move staff out of London if Brexit deal doesn't take care of The City

31 January 2017

LONDON – The boss of Wall Street giant Goldman Sachs told Prime Minister Theresa May that her plan to drag Britain into a “hard Brexit” will clear the path for other cities to take away London’s role as Europe’s financial centre.

According to the Financial Times, which cited sources that were briefed on a closed door meeting between Lloyd Blankfein with Britain’s prime minister at the World Economic Forum this year, Blankfein “talked tough” and “said there was no reason why European financial centres can’t set up as effective rivals.”

This is unless the “government gives more priority to the City in Brexit negotiations,” said the FT.

On top of that, he apparently “expressed bemusement” that May “appears to treat finance like any other industry, despite its major contribution to the UK economy and its exchequer.” Goldman Sachs was one of the Remain campaign’s biggest donors.

On January 17, May outlined her negotiating stance for Brexit , which included a rejection of the single market and an end to the free movement of people, resulting in a so-called “Hard Brexit.” This would likely have the result of stripping the City of its passport.


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