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Stephen Hester 鈥� chief executive of the RSA insurance group鈥� has said that the overwhelming view of the financial sector is that "Brexit is likely to be negative both economically and culturally, but the City has withstood negative events in the past.鈥�

The former RBS boss said people in the City assumed that 鈥渢he logic of the negotiating positions will lead you to perhaps a face-saving version of a hard Brexit, but nevertheless ultimately a hard Brexit鈥�.

He told the Westminster Hour he expected there would therefore be some financial and bureaucratic obstacles, meaning 鈥渓ess taxes and less people鈥�.

As a Remain supporter, Mr Hester said he was clear 鈥渢his is not the greatest decision we will have made, but nevertheless I don鈥檛 think it will be a disaster, the City will be ingenious and will find its way round鈥�.