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[...] There are two critical trade-offs which will need to be decided. First, there is much to be said for delaying triggering Article 50 until such a time that government has clearly decided its preferred outcome, and this cannot be done until all the options are carefully evaluated. It is also the case that triggering Article 50 will significantly reduce the government’s negotiating power, as it is one thing the European Union cannot control. On the other hand, the longer uncertainty continues, the more economic damage will be done.
The second trade-off is between the desire to maintain as far as possible the current level of access to the Single Market and the current price tag for that: free movement of people and a contribution to the EU budget, together with having no say on rules governing the Single Market in the future. This price will likely be too high for those who campaigned to “take back control”.
For many London businesses, there is a desire to continue to employ talent from throughout the EU regardless of the question of access to the Single Market, therefore it is no surprise that the concept of a “London visa” is gaining currency. This is something that should be seriously examined.
There needs to be a thorough debate on these issues, with businesses carefully assessing the impact of the alternatives and feeding those assessments into the policy-making process. As that is done, the preferred outcomes may become more apparent, and we at the City of London Corporation are working closely with industry and government to ensure the decisions that are taken are as well informed as possible, and that we are working to create new opportunities in markets around the world.