Financial and related professional services is an industry that is structurally important to the wider UK economy, supporting nearly 2.2 million jobs across the country, paying more in tax than any other sector and contributing 12% of GDP.
While at this stage it is too early to talk about conclusions from the Brexit negotiations, access to the Single Market on terms that resemble as closely as possible the access the UK currently enjoys is at the top of our list. Mutually beneficial trade and investment links that allow the UK to trade freely with the EU and vice-versa and continued access to skilled talent from the EU and the rest of the world will remain very important.
‘Brexit and the industry’ sets out TheCityUK's contribution to the debate. It contains information on the new Government and changes in Government machinery, as well as an overview of the UK’s economic position since the EU Referendum. TheCityUK will continue to work collaboratively with members and other industry groups to ensure the delivery of a clear message about what our industry needs from the negotiations.
In order to maintain and further enhance the UK’s position as the leading global financial centre, UK financial services will need to continue to be regulated in accordance with leading global standards. It will be important to consider carefully the risks of being in a position whereby the UK has to follow EU requirements without the ability to influence those. We are working hard to prepare a detailed assessment of the priorities that matter most to the UK based-industry’s customers and clients so that we can help ministers and officials prepare for the upcoming negotiations. Delivering stability and protecting customers’ interests are at the heart of this work, which is why a transitional agreement to ensure that supply of services provided by the industry is not interrupted will need to be a part of any EU deal.