In a letter to the chancellor sent on Friday, Catherine McGuinness, chairwoman of the policy and resources committee at the City’s ruling body, offers her “detailed observations on institutional concerns” following three days of meetings with Wall Street bosses and policymakers in New York and Washington DC. “Fears of a disorderly Brexit are increasing,” she writes. “There are concerns that US jobs and global financial stability are threatened.” [...]
Full article on The Times (subscription required)
Related speech: Policy Chairman Catherine McGuinness Speech - European Financial Forum, Cumberland Lodge Conference
Speaking at the European Financial Forum Cumberland Lodge conference today, Policy Chairman of the City of London Corporation, Catherine McGuinness, has urged for a swift resolution on the negotiations over the Brexit divorce bill.
She has highlighted that the likely cost of a ‘no-deal’ Brexit to the economy, while difficult to forecast, is likely to dwarf any payment to the EU and that the tax revenues the financial services sector paid last year, £71.4 billion, is considerably higher than the £53 billion which the EU is reportedly asking for.
She has urged the Government to consider not just how much it is willing to pay, but also the cost of not paying.
Finally, she adds on market access that an equivalence regime would be too patchy and too uncertain to provide what the financial services sector needs, and the UK needs a deep free trade agreement with the EU covering financial services. [...]
Full speech
© The Times
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article