RBS Chief Warns No-Deal Brexit Will Leave UK In "Very Bad Position"

21 September 2018, 14:57

The chief executive of RBS has warned that a no-deal Brexit would leave Britain is a "very bad position" for the short and medium term.

Ross McEwan told LBC he is preparing his bank for the worst case scenario - leaving the European Union without a trade deal.

Theresa May's Downing Street speech made the prospect of a no-deal Brexit even more likely, as she spoke of an impasse in negotiations with the EU.

Ross McEwan in the LBC studio
Ross McEwan in the LBC studio. Picture: LBC

But speaking to LBC, Mr McEwan warned of the consequences, saying: "I think we need to prepare for it [a no-deal Brexit].

"I think we will have, for a number of years, much lower growth in the economy as we sort it out.

"Long-term, this country is a great country, it'll sort itself out. It will get back out and export. In the short-term and medium-term, I do worry about growth and GDP."

In a veiled threat to Boris Johnson and Jacob Rees-Mogg, Mr McEwan told politicians to stop playing politics and get behind the Prime Minister.

He added: "Every political party should get together now and find the best solution. We need to get behind this Prime Minister to get the best deal, not a political play.

"Otherwise, we will end up in a very bad position, because we're fighting with ourselves."

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