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EU Referendum

We’ll thrive out of the EU, says bank chief: Lloyds boss gives vote of confidence to a Brexit… and he’s from Portugal

  • Lloyds boss Antonio Horta-Osorio refused to back Cameron’s in campaign
  • Said it is a ‘matter for the British people’ and praised strength of economy
  • Future of Lloyds and Britain ‘inextricably linked’ and looks bright, he said
  • Lloyds joins list including Sainsbury’s, Tesco and Next not backing ‘in’
Lloyds chief executive Antonio Horta-Osorio said the decision whether to remain wedded to Brussels is a ‘matter for the British people’
Lloyds chief executive Antonio Horta-Osorio said the decision whether to remain wedded to Brussels is a ‘matter for the British people’ The boss of Britain’s biggest lender yesterday said his company would ‘thrive’ outside the EU.

Lloyds chief executive Antonio Horta-Osorio said the decision whether to remain wedded to Brussels is a ‘matter for the British people’.

But the 52-year-old Portuguese banker repeatedly paid tribute to the strength and ‘resilience’ of the British economy – which he said is ‘inextricably linked’ to the prosperity of Lloyds.

Some 200 companies, including leaders of 36 FTSE 100 companies, have signed David Cameron’s letter backing the In campaign. Several bosses have warned of the repercussions for the UK – and for big business – if the country chooses to go it alone.

But Lloyds is just one of a long list of blue chip companies – including Sainsbury’s, Tesco and Next and The Royal Bank of Scotland – that have refused to put their name to the letter. Mr Horta-Osorio yesterday said the bank’s board will consider the potential impact of Brexit at its next meeting and conceded that the EU referendum would create ‘uncertainty’.

But he was far more optimistic about the ‘underlying strength’ of the British economy to weather any storm than many of his pro-Brussels peers. He pointed out that the UK is one of the fastest growing in the G7 group of major industrialised economies – and one of three countries to do this in the West without taking on more debt. The other two are Ireland and the US.

The group – which also owns Halifax, Bank of Scotland and pensions giant Scottish Widows – is the UK’s biggest retail bank, with around 30million customers.

Mr Horta-Osorio said: ‘We have a very good idea what is happening in this country. The future of Lloyds and the future of the economy are inextricably linked.’

He added: ‘We have a very robust model which will thrive in any conditions. We are quite positive about the outlook for the UK economy.’

Some 200 companies, including leaders of 36 FTSE 100 companies, have signed David Cameron’s (pictured today) letter backing the In campaign

Some 200 companies, including leaders of 36 FTSE 100 companies, have signed David Cameron’s (pictured today) letter backing the In campaign


The bank’s chairman Lord Blackwell has already refused to stick to the Downing Street script and has been an outspoken critic of Brussels.

The former adviser to John Major and Margaret Thatcher said in October there are ‘no compelling arguments’ for staying in the EU without major reform.

http://www.dailymail.co.uk/news/article-3464958/We-ll-thrive-EU-says-bank-chief-Lloyds-boss-gives-vote-confidence-Brexit-s-Portugal.html?utm_content=buffer02848&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

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