Graham Bishop spoke at a CSFI lunchtime debate yesterday with John Redwood MP, Alexandria Carr (Mayer Brown), Wes Himes (Instinctif) and Mark Foster (Kreab). Afterwards, he recorded a webcast live via Periscope on Twitter with George Littlejohn of CISI.
The 30 minute webcast covered the potential alternative trading arrangements of the Single Market, the European Economic Area and World Trade Organisation rules. However, there is an existing body of EU law which will be enforced by officials – unless legislators vote to change these. Will there be the votes to change such laws to benefit the UK?
In particular, the ECB has made it very clear that it wishes to abide by the global recommendations from bodies such as the Committee on Payments and Market Infrastructures (CPMI) to locate control of key parts of the infrastructure within the Eurozone’s jurisdiction. Proposals from the Financial Stability Board on CCP resolution should emerge soon. Similar considerations are likely to push payments and securities settlement to be done within the Eurozone once the UK leaves – to the detriment of London.
The economic implications for the UK remain extremely alarming given the probable slowdown in the economy and consequent rise in the public deficit. As Britain’s credit rating inexorably slips down, the cost of attracting foreign capital to finance our extraordinary current account deficit must surely rise. The bond market vigilantes will wake up to the forex dealers fears.
NB This was our first major trial of Twitter’s Periscope app to allow live streaming to all my Twitter followers. We would be very interested in any comments.
© Graham Bishop
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