EUROPE - A NO DEAL Brexit would “very significantly” harm the European Union, Barclays’ chairman said in a chilling warning to Brussels just hours before Theresa May issues her request to extend Article 50 for three months to the EU27. He said: "In the end there is going to be a deal, however it transpires." The EU and euro zone appear as if they are becoming a "closed system" in financial services, Mr McFarlane continued, while London has developed as a global financial centre by being open, which makes it easier for the city to "evolve". The warning from the banking chief comes as a shock report was issued saying Germany faces losing €10 billion a year under a no deal Brexit.