City could thrive outside of EU, O’Neill tells MPs

 
Kate McCann
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FORMER Goldman Sachs economist O’Neill has said that the City of London is “beautifully placed to be the major financial services centre for the world”.

Speaking at a Treasury select committee hearing yesterday, O’Neill said that the government should not be afraid to withdraw from the EU if it felt the timing was right. He added that his views have changed over time and no longer reflect those of Goldman Sachs.

“The world is evolving dramatically, including trade and financial relationships,” he said.

While in manufacturing and everything else the EU is our biggest percentage partner, in terms of the rate of change it is increasingly less important. We should not be so scared of exploring a world without it.”

He added that opportunities for the UK outside the EU and around the world would be huge.