Support for the EU in London is ‘shallow’, says Boris Johnson

Support in London for the UK to remain in the European Union is “shallow” and leading bankers privately say that they do not expect Brexit would do any damage to the capital’s position as the world’s leading financial centre, according to Boris Johnson.

The Brexit-backing London mayor said he was “generally aware” of surveys which show strong support in the City for continued EU membership, as well as the preference of organisations such as the CBI for a Remain vote.

But he told the House of Commons Treasury Committee when giving evidence on the economic and financial costs and benefits of the UK’s EU membership that many City supporters regard the issue as “finely balanced”.

Johnson named Lloyds chairman Lord Blackwell, RBS non-executive director Lady Noakes and Arbuthnot Latham chief executive Sir Henry Angest as “distinguished” bankers who had come out publicly in favour of Brexit.

And he told the UK Treasury Committee: “I’m struck by how shallow the enthusiasm for the EU seems to be amongst its supposed backers.”

He added: “It’s interesting that when you dig into these people’s opinions, they are much less strongly held than you might suppose … What has struck me in private conversations which I occasionally have with leading bankers about this is how finely balanced they see it to be.

“Most of them will candidly say they don’t believe it will do any damage to London’s position as the world’s leading financial centre. That is the overwhelming picture I get.”

Johnson added: “It’s certainly the case that if you look at the survey data, you will find people like the CBI and the Bankers’ Association generally tend to be quite supportive of Remain.

“They have also been supportive of going into the euro, regarding it as essential to completing the single market. It turned out to be a disastrous idea. I think they were wrong then and they are wrong now.”

The CBI said that its survey of 200 business leaders in London in February found that 95% regarded access to the EU’s single market as the capital’s “single greatest strength”, while a survey of CBI members last week found that 80% said they were better off staying in the EU.