Carney backs City as the 'investment banker of Europe'

Follows Draghi comments of Brexit 'pain'

Bank of England governor has warned Europe will lose "crucial" financial services if it chooses to avoid doing business with City companies when the UK leaves the European Union.

Defending the capital city, Carney (pictured) said London is the "investment banker of Europe" and that over half of the equity and debt raised by eurozone companies was issued "in the UK, by firms based in the UK, quite often to investors in the UK". "These activities are crucial for firms in the European real economy and it's absolutely in the interests of the EU that there is an orderly transition and that there is continual access to those services," he said. Carney: Govts must embark on reforms to avoid 'sizeable downside risks' The comments, published in the FT, come after th...