News | Published February 16 2019

RBS chief warns of Brexit impact on UK economy

RBS chief Ross McEwan has warned politicians about the potential impact of Brexit on the UK economy despite the bank posting profits of £1.62 billion, more than double the results of the year prior.

McEwan said that Brexit and the resulting uncertainty "gone on for far too long" and that it was causing to clients to delay "financial decisions". This, he explained, is "damaging the UK economy and will affect our income performance."

Despite the challenges that Brexit is causing the economy, RBS had a significantly improved year during 2018.

The bank, which was bailed out by the UK government in 2008 during the financial crash, has now posted two consecutive years of profit. McEwan remained cautious, however, describing it as a good performance in the face of economic and political uncertainty."

"We have a very small period of time left until the end of March and it's time that our politicians got to the conclusion so that we can get some certainty going forward."

Howard Davies, the chairman of RBS, confirmed that they would open branches in both Frankfurt and Amsterdam in April, to help mitigate the impact of Brexit.

He said: "The Brexit process continues and we have planned for a range of scenarios associated with exiting the EU.

"Practical preparations rather than nerve are what we need now."

Glassflake Ltd are contributing to the upcoming edition of the Review and in advance of its publication we spoke to CEO Charles Watkinson.

In reference to Brexit, he explained: "There will no doubt be some short term problems but they will be quickly sorted out as they will affect our neighbours in equal terms if not greater and under World Trade regulations we shall be collecting a significant more amount of tax on imports than our goods will attract in Europe."

Authored by

William Winter
February 16 2019

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