A string of senior City figures have begun questioning the role of the Treasury minister responsible for the UK's major financial centre following a "car crash" of a meeting to discuss the financial services sector's Brexit planning this week.

Sky News has been contacted by a number of executives who attended a meeting of the advisory council of TheCityUK, a lobbying group, earlier this week.

Simon Kirby, the Economic Secretary to the Treasury, or City Minister, attended the session and was invited to comment on the Government's latest plans to assist the financial services industry's preparations for Brexit.

Sources who were present at the meeting say Mr Kirby told them that he was unable to offer detailed assurances about the Treasury's work.

He is understood to have made a convoluted joke about Ed Balls' appearance on the light entertainment programme Strictly Come Dancing, before answering two questions and then leaving after little more than ten minutes to attend another engagement.


The meeting is said to have been attended by more than 50 senior City figures.

Members of TheCityUK's advisory board, which is chaired by Paul Manduca, the Prudential chairman, include: Sir Win Bischoff, chairman of the Financial Reporting Council; Richard Gnodde, co-chief executive of Goldman Sachs International; John McFarlane, the Barclays chairman; John Nelson, chairman of Lloyd's of London; and Martin Scicluna, chairman of RSA Group, the insurer.

It is not clear which, if any, of those individuals attended this week's advisory council meeting.

One attendee described the session with Mr Kirby as "a car crash", saying: "We need, above all else, a sense of decisive leadership from the Government, and a sense that ministers have a firm grasp of the issues.

"This didn't provide it."

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Another of those present questioned whether Mr Kirby had sufficient interest in Europe's financial services passporting regime, or clout within Government, to be a credible figure in the City.

"It was a bit of a disaster, to be frank. There was nothing to inspire confidence," they said.

None of those who attended and spoke about the meeting agreed to do so on the record.

Another private sector figure defended Mr Kirby, saying it had been "clear from the start" that he could only attend for a very short time.

"It was good of him to give up his time to come, and he answered the questions that were put to him," the person said.

Nevertheless, the disquiet from some of those present about Mr Kirby's remarks highlights continuing concerns about the final shape of the Brexit deal that will determine the City's ability to trade seamlessly across EU countries.

Sky News revealed on Wednesday that Jamie Dimon, the chairman and chief executive of JP Morgan Chase, had held talks with Philip Hammond, the Chancellor, to urge the Government to pursue a lengthy transition period for the UK's EU departure.

A Treasury spokeswoman said: "Ministers are engaging with industry representatives up and down the country as we move towards negotiating our exit from the European Union."

Treasury sources said that negotiations affecting the future of the City and the financial services industry were being directly overseen by the Prime Minister and Chancellor, adding that there was a "highly competent" team working on Brexit planning.

TheCityUK declined to comment.