City of London Lord Mayor: 'No deal' Brexit will hit competitiveness

Britain must strike a Brexit deal with the European Union which includes early agreement on transition arrangements to safeguard the country's financial services sector, the Lord Mayor of the City of London will say.

Charles Bowman will suggest a "no deal" exit from the EU would hit the City's competitiveness, and insist that bankers and other financial workers would rather stay in London than move to Frankfurt.

At the Lord Mayor's Banquet at Guildhall in the City, he will tell Theresa May "we need that national deal", and call for mutual market access for financial services in the UK and EU.

Mr Bowman will say: "Just like you, we want a good deal that works for Britain, and for our European partners and for the many other financial centres around the world with whom we do business.

"A deal with temporary transition arrangements - agreed early - because businesses and consumers need time to prepare and adjust.

"A deal that provides a comprehensive framework for trade. The International Regulatory Strategy Group proposal, based on mutual market access, provides an excellent model.

"And a deal that gives EU nationals here and UK nationals across Europe certainty as soon as possible. Because the City is nothing without its people.

Prime Minister Theresa May and her husband Philip arrive at the Guildhall
Prime Minister Theresa May and her husband Philip arrive at the Guildhall (Victoria Jones/PA)

"This deal is vital because UK financial services are an asset not just on these islands but across the continent. An asset measured in companies developed, pensions delivered and homes built.

"We want that to continue for a long time.

"To secure the future competitiveness of the sector, we need that national deal with our European partners.

"Frankfurt is nice this time of year, in fact any time of year, but London is nicer - always nicer."

I've welcomed the Prime Minister @theresa_may to Guildhall, and I look forward to discussing the importance of a strong financial services industry with her pic.twitter.com/P1r0KscJkl

-- Lord Mayor of London (@citylordmayor) November 13, 2017

Mr Bowman will also stress the need for the City to rebuild trust with the British public as it is the "lifeblood of any and all organisations".

"If post-Brexit London is to remain the global hub for financial and professional services, then at a national level we have a responsibility to re-earn the trust of the society we serve," Mr Bowman will say.

"And internationally, we must demonstrate that London continues to invest in being the trusted cluster of choice."

He will say the City of London Corporation will launch its five guiding principles for building trustworthiness at Mansion House later this week.

And he will highlight the creation of a "leaders of tomorrow" group of 100 young City workers, nominated by their employers, who will develop the guiding principles in ways specific to their sector.

Mr Bowman will say: "The City's business is an integral part of our society. There is absolutely no reason why every single one of the UK's 65 million residents should feel any less proud of it than we do."

Read Full Story

FROM OUR PARTNERS