Miles Celic, Chief Executive Officer, TheCityUK, said:
The Bank of England’s proposed approach to EU banks, insurers and CCPs is a positive move. It is an act of economic common sense. Encouraging EU head-quartered financial institutions to stay in the UK post Brexit will also ultimately support continued UK competitiveness, help preserve financial stability, and defend London and the UK’s position as an open global financial centre.
The UK must be able to continue to attract and retain business to see it thrive into the future – retaining existing EU branches is part of this, but it also needs to be reflected across the wider ecosystem. However, what happens to UK institutions in the EU is less clear, and we call on the EU to offer similar reassurances. Ultimately, this can only be in the interests of clients, customers and citizens across the whole of Europe.