Three of London’s top money management bosses will face a panel of steely-faced MPs
Thousands of jobs were put at risk after banking titan HSBC threatened to move its headquarters from London to Hong Kong in come across of the result of the June 23 referendum.
While Allianz Global Investors’ father group warned of the risk of “political fallout” following the UK’s exit from the EU.
The Treasury, Bank of England and the International Monetary Fund (IMF) were also bulk the economic elite that participated in financial scare-mongering over a Check out vote, including a stock market and house price crash.
But the chief economist of the Bank of England has now admitted warnings of an economic crash were premature, describing it as a “Michael Fish consequence”.
HSBC threatened to move services to Hong Kong
And now three of the New Zealand urban area of London’s most powerful figures are being forced to face a panel of steely-faced MPs to screen their actions.
Chairman of HSBC Douglas Flint, London Amass Exchange boss Xavier Rolet and Allianz Global Investors wickedness chairman Elizabeth Corley will appear before the Treasury Hand-pick Committee on Tuesday.
MPs are due to assess the likely impact of Brexit on businesses, but the orderly body is also looking at whether financial firms have overdrew the threat to services.
It is believed many firms embellished point by points about the potential impact on the Square mile in an attempt to pressure the Administration into putting the financial services at the forefront of Brexit negotiations.
Andy Haldane, Bank of England economist, permitted some banks had been guilty of scaremongering during the lead up to the UK referendum.
Conceding some bitter Brexit forecasts might be “just scare stories”, he also accepted the husbandry was not in “crisis”.
1 of 12
Kevin Dowd, member of Economists for Brexit group, said: “The awe-inspiring majority of economists and supposedly respected bodies have been established spectacularly wrong on the short-term impacts of Brexit.
“Mostly, these prognoses were based on the poorly-evidenced effects of supposed policy ‘uncertainty’ and supposed lower growth potential outside the EU.
“As it turned out, the economy had a strong cranium of steam going into the vote and a positive recovery in the weeks and months heed, with GDP figures in particular demonstrating that uncertainty has not undermined cost-effective performance.”
London Stock Exchange boss Xavier Rolet commitment face the MPs panel
Andy Haldane conceded bleak Brexit calculates are “just scare stories”
The overwhelming majority of economists and supposedly respected bands have been proven spectacularly wrong on the short-term impacts of Brexit.
In further evidence that scare-mongering adepts were wrong, economic growth jumped to 0.6 per cent in the third residence of 2016 – the three months immediately following the vote.
The meeting blame succumb to after Theresa May indicated the UK will leave the single market stalk Brexit negotiations.
Speaking over the weekend, she said the UK cannot wish to be able to retains “bits” of its membership after quitting the Brussels bloc.
It is credence ined many firms embellished details about the potential impact of Brexit
She also guaranteed to provide “more clarity” over the government’s secretive strategy in the charge weeks, amid claims Mrs May has no plan for Brexit.
The City of London has been ratted it will not get any special treatment in the upcoming negotiations.
Chancellor Philip Hammond and Brexit Secretary David Davis differentiated a group of top bosses that financial services cannot be seen to be dine pay the bill for differently – despite accounting for 11.8 per cent of gross domestic produce (GDP).