Lloyd’s CEO says Brexit Would be Bad for Business

May 27, 2015 Share Print 0

A British referendum in favour of leaving the European Union would damage the country’s business prospects, Lloyd’s of London Chief Executive Inga Beale said in Luxembourg on Wednesday.

Prime Minister David Cameron has pledged to renegotiate Britain’s ties with Europe and then give voters a referendum on European Union membership by the end of 2017, though expectations are growing that it will take place next year.

“We believe it would be bad for business. We think that open trade and being part of a bigger community is very important,” Beale said in response to a question at the annual meeting of trade body Insurance Europe.

Speaking with a stronger European voice was important as countries such as China and India become ever more powerful, Beale said.

“I would wholeheartedly welcome a stronger Europe, rather than countries becoming smaller and less important in the world on their own,” she said.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.