London needs a Brexit timetable, says Aviva CEO

The chief executive of Aviva has suggested there needs to be a Brexit timetable.

In an interview with Bloomberg, Mark Wilson said that the UK government needs to provide the finance industry with more certainty about when it will trigger the formal two-year process to leave the European Union.

“What the investment market and us want is certainty of time frame," said Wilson.

Bank leaders are concerned that EU leaders may seek to punish the financial industry during their negotiations with the UK as a result of the decision to leave the EU.

In an attempt to prevent this, Chancellor of Exchequer Philip Hammond warned European governments on Thursday that they will end up hurting their own economies if they use Brexit as a reason to try and shrink London’s financial status.

“We need to take some time, take a deep breath, we need to sort out what the plan is,” Wilson said.

Despite the uncertainty surrounding Brexit, Wilson feels the impact on operations will be modest and plans to continue to invest in the UK.

According to Wilson, London will maintain its status as a global financial centre regardless of when Britain leaves the EU.

“It is still a financial hub,” he said. “Trying to unwind all of that is a pretty tall order and I don’t think that will happen.”

Aviva employs over 33,000 staff around the world. It reported an increase in profit and raised its dividend in its half year results in August. The firm's shares are also largely unchanged since the vote after initially slumping 16% due to concerns that the insurer’s investments might diminish in value.

“The reality is that London is home for insurance, so for us it doesn’t make much difference,” he said. “In the EU there is not one single insurance market. It’s no easier for me to do business in France then Singapore or China.”