London Mayor Says Finance Industry Would Flourish Outside EU

London’s finance industry would “flourish mightily” if Britain votes to leave the European Union in the referendum on June 23, Mayor Boris Johnson told lawmakers.

Citing discussions with unidentified senior bankers, Johnson, a leading opponent of Prime Minister David Cameron’s campaign to keep the U.K. in the 28-nation bloc, said support for staying in the EU is “shallow” among business leaders.

“What has struck me in private conversations I occasionally have with leading bankers is how finely balanced they believe it to be, and they say they don’t think it will do any damage to London’s position as a leading financial center,” Johnson told the House of Commons Treasury Committee in London on Wednesday. “When you dig into these people’s opinions, they’re much less strongly held than you might suppose.”

Johnson announced he would be backing a so-called Brexit last month in a blow to the premier and the “Remain” campaign. His decision has won him the support of rank-and-file members of the Conservative Party and made him favorite with bookmakers to replace Cameron as prime minister.

Bloomberg

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.