Brexit would be bad for British business, says Lloyd's of London's CEO

Britain’s business prospects would be dealt a serious blow if the country opts in favour of leaving the European Union, the chief executive of Lloyd’s of London said.

On Wednesday, in her speech marking the Parliament State Opening, the Queen confirmed that the government will go ahead with a referendum on Britain's membership of the EU by the end of 2017, as promised by David Cameron.

However, speaking at the annual meeting of trade body Insurance Europe, Inga Beale said leaving the EU would be bad for business.

"We believe it would be bad for business,” she said.

“We think that open trade and being part of a bigger community is very important.”

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