Brexit backer has been appointed City minister by UK government – 15th June 2017

Prime Minister Theresa May has appointed Brexit supporter Stephen Barclay as “City minister” to oversee a financial services sector facing upheaval as Britain prepares to leave the European Union. Barclay, whose formal title is economic secretary to the treasury, is likely to be responsible for financial services policy and the government’s relationship with firms such as banks, insurers and asset managers. Before he was elected to parliament in 2010, Barclay worked in financial regulation and then financial crime prevention at Barclays retail bank, according to his website. A lawyer by training, he supported leaving the EU at last year’s referendum. Banks, trading platforms, insurers and asset managers in London are already making plans to open new bases in other parts of the EU, fearing a loss of access to the single market after March 2019 when Britain is due to leave the bloc.

 

 

Kylie Maclellan, Reuters