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  1. ITV Report

Barclays chairman 'very surprised' at resilience of UK economy

Chairman of Barclays John McFarlane has said that he was "very surprised" at how resilient the UK economy has been since Brexit.

Speaking to ITV News at the World Economic Forum in Davos, he admitted "we all got it wrong", referring to the feeling among businesses and banks that a vote for leaving the EU would spell difficult times for the economy.

Mr McFarlane also said that the bank has a "contingency plan" for dealing with the possibility of a bad deal with the EU.

He said: "Our contingency plan is, we've already got activities in the EU, and we'll just make them bigger."

He added that the government "understands, accepts and embraces" the bank's position and what it needs from a future deal with the EU.

Asked about what an "embrace" might look like, he said that the bank had decided it needs three years to be able to sort itself out, saying of the government: "They haven’t gone public on it.

"But we were pretty clear that they understand our needs, they understand that 3 years is about what we can tolerate, and we're quite confident that we'll get it. The issue is whether the EU will give it."