03:59 GMT +315 December 2019
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    London's City to 'Stall' Due to Brexit Risks - Goldman Sachs

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    The CEO of the Goldman Sachs investment bank said that financial sector of the United Kingdom located in the country's capital will "stall" in the context of the risks posed by the Brexit process.

    MOSCOW (Sputnik) The financial sector of the United Kingdom located in the country's capital will "stall" in the context of the risks posed by the Brexit process, Lloyd Blankfein, the CEO of the Goldman Sachs investment bank, said Friday.

    "I don't think it will totally reverse… It will stall, it might backtrack a bit, it just depends on a lot of things about which we are uncertain and I know there isn't certainty at the moment," the official told the BBC broadcaster, answering a question about London's expansion as a financial center amid the Brexit process.

    He added that against the backdrop of uncertainty caused by the possibility of the United Kingdom to lose its access to the EU markets, several businesspeople could reduce their presence in the markets of the United Kingdom itself.

    On March 29, London officially launched the process of withdrawal from the European Union. This decision was made against the backdrop of the 2016 referendum that supported the move.

    The numerous experts and officials warn of the possibility of the so-called hard Brexit that could leave the United Kingdom without access to the EU single market and the customs union if London fails to agree on the issue with the other EU member states.

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