This virtual roundtable with Virginia Crosbie, the Conservative MP for Ynys Mon, and Katharine Finn, our Cardiff City Chair, will focus on financial and related professional services and its role in driving the recovery across Wales.
In particular, we will be seeking perspectives from attendees on TheCityUK’s forthcoming Eco-system Recovery Plan – currently in development and due to be published in the autumn – which is a forward-looking manifesto, setting a course for the industry’s role in supporting the recovery of the wider economy.
In addition, TheCityUK’s Recapitalisation Group report, published in July, will be a central part of the discussion. This recommended policy options to government for supporting the UK SMEs to manage their unsustainable debt in the wake of the pandemic. Among a suite of options, it specifically calls for the government to establish a UK Recovery Corporation which would administer the conversion of state-backed loans into 1) a longer term tax obligation (a student-loan type system) or 2) subordinated debt or preferred share capital agreements. Members’ perspectives on the challenges facing the local economy will inform our ongoing efforts, which are aimed at ensuring that these options are adopted by the government.
Our speaker is Virginia Crosbie, the Conservative MP for Ynys Mon, who was elected at the 2019 general election. She will provide introductory remarks, before offering comments and taking questions during an hour-long roundtable discussion. The main findings and key options of our recapitalisation project will also be briefly presented by Emma Reynolds, Managing Director, Public Affairs, Policy and Research, TheCityUK. This will then be followed with 30 minutes for members’ reflections with our City Chair and an opportunity to discuss in more detail the Ecosystem Recovery Plan.