A no-deal Brexit would significantly harm the EU and a deal on financial services between Britain and the EU is likely whatever form Brexit takes, Barclays Chairman John McFarlane said.

"In the event of a no-deal Brexit, it would hurt the EU very significantly," McFarlane told.

He said the EU and eurozone appear as if they are becoming a "closed system" in financial services, while London has developed as a global financial centre by being open, he said.

He expected that trade would continue between the financial sector in London and the EU after Brexit.