TheCityUK responds to Article 50 announcement

As the Prime Minister fires the starting gun on the Article 50 negotiations for the UK and the EU to agree the terms of the UK’s exit from the European Union, Miles Celic, Chief Executive, TheCityUK, said:

For the UK-based financial and related professional services industry, the right Brexit deal will be bespoke, underpinned by mutual market access and based on mutual recognition and regulatory cooperation. We have also consistently called for continued access to high quality talent from Europe and beyond, as well as appropriate bridging and adaptation periods as we leave the EU. It is good to see that the Prime Minister has underlined in her letter the importance of avoiding any cliff-edge and minimising unnecessary disruption for customers in the UK and the EU. Taken together, these measures will help maintain Britain’s ongoing competitiveness.

UK-based financial and related professional services have long been a strategic asset for both the UK and for the countries of the EU. As an industry that employs over 2.2 million people right across Britain and serves customers here, in the EU and around the world, we believe that a smooth, orderly exit and certainty are vital. We also see no reason why the new relationship should not be negotiated at the same time. This will be in the best interests of the UK, the EU and most importantly, our customers and clients.