TheCityUK responds to PM’s outline of UK-EU future relationship objectives

In a speech in Greenwich today, the Prime Minister has outlined the UK objectives for negotiations around the future UK-EU relationship.

Miles Celic, Chief Executive Officer, TheCityUK, said,

The Prime Minister has set out a clear vision for a trading relationship with the EU based on the EU-Canada trade deal. Today merely sets the outline and the weeks ahead will provide the colour and shade. We will need to see how this translates to a UK-EU agreement that has a very different starting point.

In the future, the UK and the EU will continue to share many of the values and objectives as we do now in areas like sustainability, financial stability, and consumer protection. But, while the future UK-EU relationship will start from a shared rulebook, differences may emerge over time. The key, therefore, will be to agree how this process can be managed, and how any arising issues can be resolved.

For our industry, many rules are set at the international level. As a premier global financial centre, the UK must continue to play a leading voice in those debates. We want to see a future UK-EU relationship that is driven by the ability to ensure continuity of services to customers, enables this industry to play its role in supporting prosperity and minimises the risk of market fragmentation across Europe. As such, whatever the ultimate future UK-EU relationship is, it must be built on transparency and constructive regulatory and supervisory cooperation.