Barclays 'unlikely to relocate abroad'

5 October 2011

Barclays appears unlikely to relocate to another country anytime soon after the bank's chief executive gave a strong hint that the lender will remain in the UK.

Bob Diamond claimed institutes based in the nation will become much more highly valued in the near future and heaped praise on the government with regards to its stance on economic growth.

The industry figure noted uncertainty in recent years has resulted in the valuations of bigger, well-capitalized banks being discounted of late, but suggested perceptions of these lenders could be about to change.

Mr Diamond observed the UK does not face similar challenges to those seen across Europe, adding: "It's ahead of many others in reducing public debt. It's working hard to pass the mantle of growth from the public to the private sector."

There is also now greater certainty regarding regulation in the UK, the Barclays chief - which has more than 300 years of history - added.

By Asim Shah

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