The CEO of BlackRock is not satisfied with the management of Brexit by the United Kingdom


The CEO of BlackRock, the world's largest wealth manager, has criticized the management of Brexit by the British government, stating that it has become a problem for every private sector company in the world.

The comments of Larry Fink, made in an interview with CNBC, as British Prime Minister Theresa May endeavors to renegotiate the terms of a withdrawal agreement reached in Brussels last year, and to avoid a Brexit without agreement on March 29th.

Fink said CNBC: "Brexit is an immediate problem, and it is a problem that frankly annoys every private sector organization in the world today.

"The irresponsibility at this time in the UK in reaching a resolution is putting more and more private-sector organizations on alert".

He added that BlackRock, which manages assets of over $ 6 tn, spent "more money than we ever dreamed of" for its Brexit preparations.

May saw his favorite plans to leave the European Union overwhelmingly rejected by the UK parliament in January. The parliamentarians gave her the mandate to renegotiate the Irish blockade – the controversial insurance policy aimed at avoiding a hard border in Ireland.

On 24 February, on 24 February, Parliament would give its second significant vote on the agreement by 12 March, just over two weeks before the country was to leave the blockade. But EU negotiators have so far been reluctant to offer the significant changes needed in May to get the agreement approved.

This has increased the likelihood of not having an agreement, and the prime minister is under pressure to delay the Brexit process.

City-based institutions such as BlackRock have prepared for the worst-case scenario by moving staff and businesses to EU cities at low cost. In its statement of results for the full year earlier this month, Barclays, the bank, said it had set aside an additional £ 150 million due to "predictable economic uncertainty in the UK".

Senior bankers previously said New financials such planning in the City is now too advanced to reverse, even if Brexit has been canceled.

Fink added: "This is not a good result for the UK because we are already making bigger plans to move different parts of our business to the continent or the United States … and I am hearing this from all the organizations."

To contact the author of this story with feedback or news, send by e-mail Fareed Sahloul



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