City figurehead says banks are backing theresa may’s brexit plan

Dr Andrew Parmley, the Lord Mayor of the City of London told Express.co.uk companies are confident ahead of Brexit.  Goldman Sachs has planned to move hundreds of its staff out of the City

before the UK fully cuts ties with the European Union.  But the Lord Mayor, who is the elected proponent of the City of London, claimed banks would eventually move all of their offices back

to London.  He said: “I have heard directly from the chairman and chief executives, particularly of banks and insurance companies.  “They see that it is prudent to consider moving a small

element of their business oversees, but they hope that Theresa May will sort out this matter quickly and efficiently.  “Then they will close those branches and bring those people back to

London, that’s the intention. “As a rough guide I would say that 80 per cent of the people that I talk to in the City are confident in the Prime Minister will get this right.” The Lord Mayor

admitted possibly losing passporting rights, which apply within the European Economic Area and allows free trade between the bloc, was of some concern, however, reiterated that companies

will remain loyal to the City. He said: “It is not entire companies moving, it is small parts of their business to enable the office to continue to trade.” Lloyds of London has also planned

to build a subsidiary in Brussels however its chairman, John Nelson, claimed the move would not lead to major job loses.  The Lord Mayor is head of the City of London and supports the UK’s

financial and professional services across the globe.  After spending time on business to visit to China, Hong Kong and South Korea, the Lord Mayor reiterated that London was still a global

financial centre. LORD MAYOR OF LONDON: UK IS CHINA'S 'PARTNER OF CHOICE' He added: “We trade more Dollars in the city than in New York, there are more Renminbi going through

the City than anywhere outside Hong Kong, and actually we clear more Euros in London, than in the entirety of Europe. “So we will remain number one, it’s absolutely inevitable.”  Speaking

before his oversees trip to Algeria, Morocco, Tunisia, the Lord Mayor said that ambassadors were striving to agree trade deals with the UK.  He said: “The talk is how quickly can we agree

free trade agreements. People wish to trade with us.  “They value not only our abilities and our expertise but also they value the credibility that working with the UK brings to them. “The

Prime Minister has listened very carefully to the City’s requests for what our future may look like, she appreciates the value of the City. “If I tell you that contribution of financial

services in tax revenue is something north of £71billion.  > They will [eventually] close those branches and bring those people > back to London >  > Lord Mayor “So this

contribution from the square mile to the national exchequer is crucial for our series.  “Theresa May understands this entirely, my confidence is placed in her. She and her ministers will

negotiate appropriately and we will continue to trade with Europe in the near future.” The Lord Mayor admitted that there was “varied” reaction across the globe to Britain deciding to Leave

the EU but claimed it would lead to a number of opportunities. “I was in Qatar and Kuwait in November where there not much concern at all,” he said. “In fact the Qataries have been in London

and have announced a further £5billion of investment into the UK. “In China, people were initially shocked, but the Chinese then took stock of the situation.  EU CHIEF: BRITAIN WILL BE

WORSE AFTER BREXIT “They realised that most of the institutions they have in the City, Chinese banks particularly have subsidiaries in Europe, so it doesn’t effect them really.  “Indeed

President Xi has continued to say that we are the number one partner of choice.” Mr Parmley finished by reiterating that he was fully behind the Prime Minister to deliver a good Brexit deal

when negotiating with the EU.  He added: “The Prime Minister has said that no deal is better than a bad deal, but she also said, in the same sentence actually, that she is not expecting

failure, she is anticipating success. “Whatever Brexit holds for us, and I think it holds a good deal, I am positive by the opportunities, whatever it holds for us I know is going to be good

for London.”