The has issued a warning saying that insurers and banks will likely be facing an “administrative nightmare” unless a Brexit deal is finalised by Christmas.
During an interview with the Sunday Times, Peter Estlin, a former Senior adviser to Barclays, disclosed that there was a “huge amount” of anxiety in the City despite some recent suggestions that Theresa May, the British Prime Minister, was closing in on a Brexit deal.
Estlin has been elected as the 691st Lord Mayor of the City of London last month. He took a sabbatical from his position with Barclays bank. He succeeded Charles Bowman on the 9th of November for a one-year term.
The elected head of the City of London Corporation will be acting as a global ambassador for the UK-based financial and professional services industry. He said that the industry is faced with a “critical moment” ahead of Brexit.
Earlier this November, John Glen, a City minister, said that he was “extremely confident” that the two sides would be able to reach an “imminent deal” for the financial services sector, however, his comments were downplayed by some sources from the Treasury who said claimed that a deal was still being worked out.
Estlin stated: “It’s not done until the fat lady sings. If we don’t have real clarity by Christmas we have to work to protect consumers and households, particularly on this side of the Channel but also in Europe.”
The figures that were released by the European Commission earlier this week forecasted that the growth of the United Kingdom could decline to only 1.2 percent in 2019, making it the slowest-growing member of the European Union alongside Italy.
The forecasts of the commission for the 1.2 percent GDP growth in the United Kingdom over the next two years is different as compared to the that of the prediction of the Office for Budget Responsibility which predicted of growth of 1.6 percent next year and a growth of 1.4 percent in 2020.