Brexit update

We are all aiming to achieve the best possible Brexit for Britain, and that means making sure the voices of businesses in the City are heard.  2.2 million jobs, two thirds of which are outside of London and £66 billion in tax take is caught up with the financial and professional services sector.  These services are our best export and one we should be proud of.  I will continue to work tirelessly to make sure that we preserve our successful sector whilst the country goes through a significant and demanding change.

Please find below some useful sources of information and an update on what I and the City of London Corporation has been doing:

  • The Corporation’s Brexit pages outline our approach.  Mark Boleat, the Policy Chairman at the City of London gave an update to our full Council meeting, known as the Court of Common Council, on 16 October, which you can read here: 161013-policy-statement-brexit.
  • I attended the City of London Corporation’s annual reception and dinner in Brussels on 10 October.  This was a vital opportunity to build bridges with others in Brussels to ensure they understand the role the City of London plays in financing projects, and corporations across Europe.  Mark Hoban, Chair of the International Regulatory Strategy Group gave a speech which laid out our priorities in the forthcoming Brexit negotiations.
  • The City of London has produced a report with PWC on how a regional visa system could work.  Access to talent is a major concern to businesses I speak to across the City.
  • Oliver Wyman have produced a significant report for The City UK regarding the impact of Brexit on UK based financial services.  This fact-base will help inform discussions with Governments across Europe.
  • I have met with the Association of British Insurers who are based in Tower ward.  Insurance is a key sector in Tower ward and I have their priorities at the fore front of my mind when inputting into the City of London Corporation’s Brexit work.  I am also speaking to wholesale insurers in Tower ward and reading the inputs from the London Market Group.  Our insurance specialisms in the City are unique and need to be catered for in any Brexit agreement.

img_7160The City of London has adapted to change over the centuries and will continue to do so.  Since 24 June 2016 Brexit has dominated my work on the City of London Corporation as well as my day job at Nationwide Building Society.

Please do drop me a line and share your business’s perspective on these negotiations – hearing insights into real world impacts and opportunities is vital if we are to get the best settlement for Britain and the rest of Europe.