City of Londoners: PM Boris Johnson = Disaster

♠ Posted by Emmanuel in , at 5/28/2019 12:59:00 PM
Some fat white guy with weird "blonde" hair: from the US to the UK, it brings disaster.
This is a no-brainer: when the likely next prime minister of the United kingdom has said "f--k business" when asked about Brexit's fallout on British commerce, businesspersons are going to be concerned. With the recent resignation of Theresa May from that post, and Boris Johnson (former London mayor) being the front-runner, denizens of the City of London are antsy. Will he be the kryptonite of the financial services industry that plays an outsized role in UK commerce?

Folks in the City are pessimistic on the arch-Brexiteer Johnson, to say the least:
More than 80% of respondents to an FN poll believe the former foreign secretary is the wrong person to replace May and will be bad news for the Square Mile Financiers in the City have expressed deep concern at the prospect of Boris Johnson replacing Theresa May at Number 10, fearing the former mayor of London’s appointment would be very detrimental to the Square Mile.

Executives have baulked at the possibility of Johnson becoming the next prime minister, expressing fears his appointment would increase the likelihood of Britain crashing out of the EU without a deal and inflame the risks of a UK recession. According to a Financial News poll of 70 people working in the Square Mile, more than 80% said Johnson is the wrong person to replace May. A further 77% said his appointment would have a negative impact on the City.

“I can't think of a single good thing to say about Boris Johnson,” said one senior banker based in London. According to the latest betting odds, Johnson is the overwhelming favourite to become PM. William Hill, the bookmaker, is giving odds of 13/8 he will succeed, ahead of former Brexit secretary Dominic Raab at 4/1. May will quit as Conservative leader on June 7.
The forecasts are dire for a Johnson government despite it being seemingly hard to avoid installing the guy. You could say he's the sum of all Brexit fears:
Gina Miller, the fund manager and prominent anti-Brexit campaigner, told Financial News: “The qualities of honesty, integrity, strategic thinking, maturity, a work-ethic and acumen should all be the prerequisites of a leader. Boris possesses few of these.”

Executives are particularly troubled by the “f*ck business” comment Johnson was reported to have made in June last year when the then foreign secretary was asked about industry’s concerns over Brexit.

“Anyone who says ‘f*ck business’ is not good for the City,” said one director of a European bank. “A hard Brexit will be a disaster [for the Square Mile]. Just look at the sterling-dollar rate.” The chief executive of a London-based asset manager added: “Boris has done nothing to show he has any regard for the City.”