City of London should not suffer from Brexit: UK's Johnson
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Britain's Foreign Secretary Boris Johnson arrives at 10 Downing Street for a cabinet meeting, in London September 13, 2016. REUTERS/Toby Melville
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
FLORENCE, Italy (Reuters) - British Foreign Secretary Boris Johnson said on Thursday London's financial sector was a "massive asset" to the whole of Europe and should not be weakened by Britain's decision to leave the European Union.
At a news conference with his Italian counterpart Paolo Gentiloni, Johnson was asked if Britain should back calls from banks for a transitional arrangement to safeguard the City given that the EU separation negotiations were expect to be lengthy.
"I think that there is every reason to be optimistic about these talks," said Johnson, who campaigned for Brexit.
"London's financial services sector is a massive asset for the whole of the EU. It's a great benefit to the Italian economy as well as the UK economy," he said.
"I don't think anybody would want to see any detriment to that industry (London's financial services) here in Italy any more than we in Britain."
Johnson noted that Britons drank about 300 million liters a year of Italian prosecco wine.
"No one would want to see any tariffs on prosecco from Italy. We are the biggest drinkers of Italian wine in Europe. No one would want to see any tariffs on Italian wine any more, I think, than the Italian government would want to see any detriment to the interests of the City of London," he said.
Britons voted in a June referendum to leave the EU but new Prime Minister Theresa May has said she will not start the formal withdrawal proceedings this year.
May's aides suggest her plan is to invoke Article 50 of the EU's Lisbon Treaty, which triggers the exit process, early in 2017.
(Reporting by Philip Pullella; editing by Andrew Roche)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Thanks for the memory cards: North Koreans return home from China
- Cuba's Raul Castro vows to defend brother's legacy in final tribute
- Bergdahl seeks pardon before Trump takes office
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!