Vital for EU and UK that we stay in Europe, says LSE chief

It is as vital for the European Union as it is for the UK that this country remains within Europe, the chief executive of the London Stock Exchange Xavier Rolet declared today.

“The UK today represents around two thirds of European financial services,” the Frenchman said. “If that business were to leave London, it would not end up in Frankfurt, Paris or Milan but in New York or Singapore. So it is completely legitimate for the UK to say that if the single market is made to work for, say, car manufacturers or fashion firms, it must also be made to work for the UK and financial services.” Profits at the LSE fell 5% to £381 million.

But Rolet said the outlook for initial public offerings is now looking much stronger. He added: “We are not back to the levels of 2004 and 2005 but we are certainly better than where we were in 2008 and 2009.”

The dividend is up 4% to 19.8p.