TheCityUK responds to the Queen’s Speech 2017

Responding to the Queen’s Speech today at the state opening of Parliament, Miles Celic, Chief Executive Officer, TheCityUK, said,

Today the government has outlined an ambitious legislative programme, much of which is critical if we are to achieve the orderly Brexit on which rests the future success of the UK and European economies, as well as wider global financial stability.

[On the Great Repeal Bill]
The Great Repeal Bill is a huge undertaking, involving the translation of over 12,000 EU regulations and 7,900 statutory instruments into UK law. Getting it right will be vital for maintaining a robust and predictable regulatory environment and legal certainty and continuity for businesses and the customers and clients they serve.

[On the Immigration Bill]
To retain the UK’s status as the leading international financial centre, our country has to have access to the best talent from across the UK, EU and the rest of the world. It is essential that we have immigration and skills policies that continue to broaden and deepen the talent pool and attract entrepreneurs to Britain. This is why mutual access to talent is a key priority for the industry in the Brexit negotiations. As well as policies to improve skills within the British workforce, we also want clarification and reassurance about the status of EU citizens and their families working in the UK and vice versa.

[On the Trade Bill]
The government has signalled its commitment to striking the best trade and investment deals around the world post-Brexit. One of the most significant opportunities for the UK following its exit from the EU will be its ability to pursue an independent UK trade and investment policy based on UK interests.

The UK is the leading exporter of financial services globally, generating a record high trade surplus in 2015 of US $97bn. Around 40% of the UK’s trade surplus in financial services is with Europe. However, over the next 10 – 15 years, 90% of global economic growth is expected to be generated outside Europe and these markets – developed and emerging – must be a priority focus for the country post-Brexit.