The UK has a ‘fair few years’ of pain before we see economic stability says former RBS boss

28 November 2022, 11:38

Ross McEwan National Australia Bank Managing Director & Ex-Chief Executive of Royal Bank of Scotland

By Phoebe Dampare Osei

National Australia Bank's Ross McEwan warns of financially “difficult” times to come for the UK, some of which stem from Brexit.

A Former RBS boss has told Nick Ferrari at Breakfast on LBC that the UK’s economic “troubles” could last a “fair few years”.

Ross McEwan, CEO and Managing Director of National Australia Bank, was asked by Nick Ferrrari: “How long do you think the pain will continue in the UK?”

Mr McEwan replied: “I think you’ve got a fair few years to get through this. You've got to get inflation down, which is difficult.”

“You’ve got an economy that’s sitting there - it’s having some troubles”, he added.

This conversation comes amid a raging cost of living crisis. The UK entered a recession earlier this month according to the Office forBudget Responsibility and Chancellor Jeremy Hunt announced over £50bn of tax rises and spending cuts.

Inflation has soared to a 41-year high of 11.1 per cent and food prices have also shot up by 10.6 per cent in a year.

Although the government has provided support for energy bills, financial journalist Martin Lewis has said those in the “squeezed middle” are facing a 41 per cent rise in bills as they will not receive the £400 help.

READ MORE: The winners and losers of the Autumn Statement announced by Jeremy Hunt

In reference to the financial impact of Brexit, Mr McEwan said: “You pulled yourself out of the European market…you’ve lost 15 per cent of the value of the UK exporting into the European market in a six month period of time. That's a lot of income to give away.”

He said the solution was to “get the economy of the UK moving again with some stability” and “quietly establish yourselves as a great exporting nation which the UK always was”.

In reference to the OBR’s forecast that the recession which started last week would stretch on for about two years, he asked: “2024, Britain back on track?"

“I think it’s going to be that long”, came the banking chief’s reply.

More Nick Ferrari

See more More Nick Ferrari

'We've got to give these people justice': Ministers vow to address any criminal wrongdoing in infected blood report

'We've got to give these people justice': Ministers vow to address any criminal wrongdoing in infected blood report

'Minuscule state' of RAF is 'utterly pathetic' meaning just one plane available for D-Day 80th anniversary parachute jumps

'Minuscule state' of RAF is 'utterly pathetic' with just one plane available for D-Day 80th anniversary parachute jumps

Chancellor brands Labour plan to tackle small boat crossings 'absolute joke' which will 'encourage more people to come'

Chancellor brands Labour plan to tackle small boat crossings 'absolute joke' which will 'encourage more people to come'

Former immigration minister Robert Jenrick said Conservative voters were "on strike" and needed Rishi Sunak's government to be honest about the mistakes that have been made.

Tory voters are 'on strike' and Sunak needs to be 'honest' to keep them on side, Robert Jenrick says

The UK government is 'deeply concerned' about the assault on the Rafha crossing in Gaza and wants to see a 'credible military plan' from Israel.

UK government 'deeply concerned and need to see credible military plans' after Israeli offensive on Rafah crossing

Met chief Sir Mark Rowley has said that anyone using a 'swastika in the context of the Middle East crisis' will be arrested.

Met police chief pledges to arrest protesters using swastikas at Gaza protests

Sir Mark Rowley said filming interactions with police at protests had become "intrusive".

Filming police at protests is 'physically intrusive' and 'escalates situations', says Met Commissioner

Exclusive
Kemi Badenoch has launched a 'call for input'.

Gender-neutral toilets could lead to ‘schoolgirls getting UTIs because they don't want to share’, minister says

Exclusive
Met police commissioner Sir Mark Rowley spoke on LBC on Wednesday

Female officer’s hand reattached as Met chief reveals horror injuries suffered by police in Hainault sword attack

LBC observed how Scotland Yard manages to police divisive demonstrations in London

'It makes our job incredibly difficult': Police surrounded by cameras on protests as they make ‘on the hoof’ law changes

Nick Ferrari spent the day in the Met Police Operations Control Room

Nick Ferrari goes behind the scenes at the Met Police's massive efforts to keep the peace at heated protests

Exclusive
John Cleese has said he's 'all in favour of content warnings'.

‘I’m all in favour of trigger warnings’, John Cleese tells LBC as he says ‘society has changed’

Two of the Household Cavalry horses are 'in serious condition' and there are concerns they may never fully recover

'Seriously injured' horses undergo emergency operations after London rampage - as one recovers in equine hospital

Two Household Cavalry horses 'in serious condition' amid fears animals may not survive after London rampage

Two Household Cavalry horses 'in serious condition' amid fears animals may not survive after London rampage

This is the moment Nick Ferrari puts a government minister on the spot over the government's new plans to ban smoking.

'When will the Conservatives be banning alcohol?' Nick Ferrari puts minister on the spot after smoking ban vote passes

'I'm ashamed to say Nick, I started smoking when I was 12' Tory MP reveals

Minister who reveals she started smoking at 12 says she's not interested in freedom argument against ban