Lloyd’s Chairman says Brexit ‘will be no regulatory nirvana’

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Lloyd’s Chairman says Brexit ‘will be no regulatory nirvana’

John Nelson says leaving the EU would harm more than help trade

Staff on May 17, 2016

Lloyd’s Chairman John Nelson has blasted Brexit advocates in a speech to the insurer’s annual general meeting, calling politicians “irresponsible” for suggesting “the benefits of a single market can be replicated outside of the EU.”

Nelson says if the UK were to break away from the EU after more than 50 years, “we would have no right of access to the EU markets without signing up to EU regulations – and indeed incur the financial consequences of contributions to the EU – as happens to other countries within Europe who are outside the EU.”

Nelson said it was unrealistic or “fantasy” to hope that the UK will be able to work in the same was as the EU bloc to trade with other European countries that are not part of the EU. And, even if such a fantasy was achievable, the kind of agreements that would make it work would take years to develop.

He reminded listeners that the team at Lloyd’s is involved in global trade discussions every day, and so, they see clearly that exiting the EU would hurt more than help. ”And for those that say we would have less regulation if we came out of the European Union,” he said, “I say there will be no regulatory nirvana.”

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Lloyd’s Chairman says Brexit ‘will be no regulatory nirvana’