TheCityUK respond to David Davis UBS speech

TheCityUK has responded to a speech made by David Davis, Secretary of State for Exiting the European Union, on 14 November at UBS.

TheCityUK has responded to a speech made by David Davis, Secretary of State for Exiting the European Union, on 14 November at UBS.

Miles Celic, Chief Executive Officer, TheCityUK, said,

This speech makes it clear that the government is listening to the industry, understands its value and the need to secure a deal which allows us to ensure continuity of service to customers and clients. Comments about the urgency of getting a status quo transitional period, lasting at least two years, agreed as soon as possible are welcome words. What we need to see now is for them to be translated into concrete action by the UK and the EU27 as soon as possible. If this is not done so soon, more and more firms will accelerate or enact their contingency plans.

It’s positive to hear recognition of the International Regulatory Strategy’s (IRSG’s) model for a future trading relationship with the EU, in particular around mutual regulatory recognition and cooperation. Further detail on what the UK government is aiming for in this area – what its end game is – would be welcome. We now look forward to seeing its position paper on our industry and services more generally, similar to those already produced for other industries. And the EU27 needs to play its part in creating the conditions to take discussions forward and then responding constructively.