Unveiling a wide-ranging manifesto on the City’s post-Brexit priorities, Chris Cummings, chief executive of TheCityUK, told the Financial Times: “We’re very keen that the government negotiates mutual market access so UK businesses can have continued access to the European single market and so European corporates can have access to the UK, particularly London.”
The report underlined this demand by calling for “mechanisms approximating single market passporting” — the facility that allows UK financial institutions to tap into European markets from London. [...]
It calls for a new focus on non-EU partners such as the US and Japan and for a dramatic acceleration of the industry’s links with China, India and other emerging markets. Mr Cummings said: “We have to look at how to build the country anew free of the EU and set out a new global role for the UK.”
The report also cites the need for Britain to revitalise its market infrastructure, preserve its leadership in investment management and secure London’s place as the world’s legal capital as English and EU law are disentangled. It stresses the need for a campaign to attract new foreign investment, including a “competitive taxation scheme for both business and individuals”.
Other financial centres in Europe, principally Frankfurt, Dublin, Paris and Luxembourg, have begun efforts to lure business from Britain. Banks, asset managers and insurers have been busily preparing contingency plans
“Now is the time to act,” said John McFarlane, chairman of Barclays and of TheCityUK. “These [proposals] focus on an attractive tax environment for companies and people, a regulatory environment that promotes innovation for investment, labour laws that promote flexible modern working practices and great investment in digital as well as transport infrastructure. In short, it means making the UK the best place in which and from which to do business.” [...]
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