London has developed as global financial centre by being open - Barclays

A no-deal Brexit would significantly harm the European Union and a deal on financial services between Britain and the EU is likely whatever form Brexit takes, Barclays Chairman John McFarlane said on Thursday. "In the event of a no-deal Brexit, it would hurt the EU very significantly," McFarlane told a Brexit conference.

He said the EU and euro zone appear as if they are becoming a "closed system" in financial services, while London has developed as a global financial centre by being open, he said. "London was never designed, it evolved," McFarlane said. He expected that trade would continue between the financial sector in London and the EU after Brexit. "In the end there is going to be a deal, however it transpires."