TheCityUK responds to Chancellor’s Mansion House speech

Following the speech made by Chancellor Phillip Hammond at a Mansion House breakfast today, Miles Celic, Chief Executive Office, TheCityUK, said,

The chancellor was right to point out that the fragmentation of financial markets, and the financial ecosystem which exist in the UK, would leave everyone poorer. As he said, avoiding this outcome is a huge prize and must be a core focus of any new agreement with the EU.

With Brexit negotiations underway, it is reassuring to hear the Chancellor reinforce the need for a transitional period. We have consistently called for bridging and adaptation periods to be a critical part of a Brexit deal to ensure continuity of service to customers here in the UK and across the EU and to enable business enough time to adapt to the new relationship. As the Chancellor himself noted, a deal with the EU which continues to support British jobs and business and avoids any sharp cliff edge is paramount.

The Chancellor was very clear that when we leave the EU, we need a bespoke trade deal which covers goods but also the service industry on which the UK economy overwhelmingly depends. We want such a deal to be based on mutual market access based on mutual recognition and regulatory cooperation.

We are pleased to hear Philip Hammond recognise the importance of continued access to global talent. Our industry's global competitive advantage is buoyed by our ability to attract and retain the brightest and the best talent from across the world. A deal that includes mutual access to talent will therefore also be key.