The UK’s financial centre should remain open to trade and investment so that financial institutions can deploy the capital that UK businesses need to create more high-skilled jobs, deliver economic growth and tackle the cost-of-living crisis.
The new Prime Minister should:
- Champion trade in services and fight against protectionism by forging and agreeing Free Trade Agreements which enhance access to foreign markets. These should champion services trade, pursue Economic and Financial Dialogues to unlock new commercial opportunities with emerging economies and secure more pioneering bilateral financial regulatory agreements, like the UK-Switzerland Mutual Recognition Agreement or the UK-US Financial Innovation Partnership, as agreed through the Financial Regulatory Working Group.
- Ensure that trade deals are used to enhance access to foreign markets and deliver greater international cooperation.
- Boost foreign direct investment by providing guidance on the government’s new investment screening rules to reassure global partners that the UK welcomes their backing of British businesses and infrastructure and ensure regulators work even harder to improve international cooperation.