Welcoming today’s White Paper on the UK’s exit from and new partnership with the European Union, Miles Celic, Chief Executive of TheCityUK, said:
TheCityUK has consistently called for a bespoke UK-EU deal that delivers mutual market access, based on mutual recognition and regulatory cooperation, and continued access to talent with transitional arrangements to enable a smooth and orderly exit. This paper supports these objectives.
Building on the Prime Minister’s speech about her priorities for Brexit, the White Paper issued today underlines the important role the UK plays as Europe’s financial centre and identifies some of the specific issues related to both financial and related professional services.
The White Paper is right to focus on ensuring that the UK remains the best place in the world to do business, and to recognise the benefits of a phased approach to implementation. Ensuring a sufficient adaptation period for highly regulated industries such as UK-based financial and related professional services will be key.
The industry will value the commitments to establish strong cooperative oversight arrangement with the EU, the recognition of the importance of continued data flows between countries, and the importance of continuing to support and implement international standards where appropriate. These are all critical areas. The paper also echoes our view that Brexit offers opportunities to recalibrate UK trade and investment policy and strike deals with new trade partners closely matched to UK interests.