Welcoming today’s speech by UK Prime Minister Theresa May, Miles Celic, Chief Executive of TheCityUK, said:
The Prime Minister is right to emphasise the need for a bespoke agreement with the EU that benefits the UK and the EU. There is no existing off-the-shelf solution which can deliver the right deal for the UK, the EU and the global economy.
The UK-based financial and related professional services industry has consistently called for an ambitious deal with mutual market access between the UK and the EU on terms similar to those currently in place. The Prime Minister’s intention to see that the UK gets the highest possible access to EU markets supports this objective. Her focus on global Britain realises the potential presented by next generation international trade and investment agreements.
The Prime Minister recognised the important role the UK plays as Europe’s financial centre. Her assertion that the industry must be able to provide its services cross-border post-Brexit will benefit firms and customers in the UK and the EU.
The industry has underlined the need for transitional periods and supports the phased approach outlined today that would allow businesses time to adjust to a new deal at the end of the Article 50 period. Ensuring sufficient time for highly regulated industries such as UK-based financial and related professional services to do this will be key.
The Prime Minister’s commitment to ensuring the UK will be able to continue to attract the best domestic, EU and global talent is welcome. Global businesses must be able to continue to move their staff or operations into the UK to ensure it maintains its global attractiveness into the future.