UK should consider leaving the EU warns Legal & General boss
THE BOSS of insurance group Legal & General has warned that Europe is too big to be effective and the UK should seek a complete renegotiation or consider leaving the bloc entirely.
Announcing the insurer’s half-year results yesterday, chief executive Nigel Wilson said: “Everyone agrees in different political ways that if we get a good deal with Europe we should stay and if we get a terrible deal we should stay out.
“My personal view is the EU has simply got too big now and it’s very difficult to work with. I’d like to see us turn outward more towards the world,” Wilson added.
L&G posted better-than-expected profit of £188m in the first half of the year, boosted by a strong performance by its bulk annuities business.
Pre-tax profit increased by seven per cent to £636m. The sales in its large-scale pensions arm, mainly companies looking to outsource their pension schemes, quadrupled premiums to £3.1bn and pushed annuity assets up 20 per cent to £38.5bn.