CityUK Lays Out Brexit Demands
Updated January 12 2017 7:40 am GMT
The City of London has laid out its demands for the financial industry as Britain prepares to leave the European Union, calling for a bespoke deal that allows continued access to the single market and its pool of talent.
The CityUK, chaired by Barclays chairman John McFarlane, said the government should also seek a “clear and upfront” transitional arrangement to ensure an orderly exit from the bloc.
Access to domestic, EU and global talent
Market infrastructure and regulatory frameworks
Issues affecting marketing and dealing
Ensuring legal continuity
The industry lobby group said access to European and global workers will be crucial if the City is to retain its status as a leading financial centre, and EU citizens currently working here need to be reassured about their status “urgently.”
The CityUK is also pushing for continued access to the single market by “building on and going beyond the existing equivalence regimes.”
The group has previously called for an exit deal which allows banks and other financial companies to retain so-called ‘passporting rights’ into EU businesses.
But the government has been increasingly posturing towards a ‘hard Brexit,’ signalling that this system may be unlikely to continue.
Analysts at Moody’s and Fitch have previously said the loss of passporting rights would be manageable for most firms because many of the current rules would be preserved under third-party equivalence provisions.
“There is no question that getting Brexit right is a once in a generation challenge. If there is anywhere in the world which has the necessary knowledge and expertise to get this done, it is here in the world’s leading financial and related professional services hub.”