“The City in a post-Brexit world - Is this its greatest opportunity in decades?”
New: ‘The CityUnited Project’ campaign group and think-tank launches today
© Brexit Facts4EU.Org 2021
City professionals, senior politicians, and finance specialists have today responded to the recent challenges laid down by the EU in the new post-Brexit world.
Brexit Facts4EU.Org is pleased to announce the launch of The CityUnited Project, a practitioner-led initiative setting out a vision of a world-leading and prosperous UK financial services industry, setting global regulatory standards in partnership with other major financial centres and in contrast to the increasingly protectionist EU financial services markets.
Who is behind this?
Facts4EU.Org has been integrally involved in the set-up and launch of this new think-tank and campaigning group and our Editor is its Vice Chairman.
Supported by leading politicians, Sir Bernard Jenkin MP, David Jones MP, Lord (Norman) Lamont, Lord (Daniel) Hannan, and Anne-Marie Morris MP, it speaks positively and authoritatively for the industry’s future opportunities and rebuts the current round of negative and under-informed stories about EU share trading and loss of access (due to lack of “equivalence”) to EU markets.
The CityUnited Project's Political Advisory Board: Sir Bernard Jenkin MP (Chair), David Jones MP, Lord (Norman) Lamont, Lord (Daniel) Hannan, and Anne-Marie Morris MP
The group will build on and promote the City’s outstanding track record of product development and innovation, particularly in Fintech. It also seeks to show how the industry can enhance employment in the City and in regions and financial centres such as Belfast and Edinburgh and throughout the Union.
‘The CityUnited Project’ says that the Government must now accept that the EU has in effect denied normal cooperation with the City and its associated financial services, which represents one of the powerhouse engines relied on by the Eurozone itself, as well as by the wider European economy.
Together the new group is responding with initiatives, policies, and recommendations for the Government. Part of its aim is to combat and negate the EU’s actions. It will also be promoting bold new initiatives to exploit the UK’s expertise in financial services and to re-set the agenda for global financial services.
“A global City and UK financial services industry, serving the world”
The CityUnited Project’s Chairman, Professor Daniel Hodson, commented:
“Our vision is a global City and UK financial services industry, serving the world and supported by a fair and competitive regulatory and taxation framework and the highest skills possible.
“New opportunities are opening up to secure the City’s global leadership in regulation and product development. The role of financial services in generating employment in the City and regionally (including in Scotland, Wales and Northern Ireland) is more important than ever and can strengthen the Union.
“We see a massive chance to strengthen and enhance the UK’s existing position in global regulatory leadership, working in partnership with other major financial centres across the world, in contrast to the increasingly protectionist financial markets of the EU.”
Facts4EU.Org's managing editor and co-vice chairman of the CityUnited Project, put matters into a wider context:
“Across the Brexit spectrum the Northern Ireland Protocol and its effect on peace and stability in the Province, the EU’s refusal to allow the continued importation of unprocessed shellfish, and even the confiscation of ham sandwiches from truckers at Dutch ports – these have all taken their toll on the UK-EU relationship.
“Within this mix we now have by far the largest issue from an economic perspective - the enormous but exciting challenges caused by the EU’s refusal to deal rationally and reasonably with the UK on financial services. There’s a great deal that now needs to be done and The CityUnited Project is looking forward to embracing these issues with all interested parties, including Government.”
Likely to challenge and disrupt?
The new group’s website already contains numerous articles, some of which are likely to be considered innovative and radical. Over the coming days and weeks The CityUnited Project says it will be publishing more pieces from respected figures from the worlds of finance and politics.
“The post Brexit City and UK financial services industry stand at the gateway of their greatest era of prosperity and global leadership” – The CityUnited Project, 2021.
“Daily we read negative stories about our markets and their future. We hear of equity trading moving to the EU, the euro rates derivative business - invented here - being arm twisted out of London by the EU as it encircles trading, sales, clearing, settlement and payments exclusively on the continent. And yet we hear nothing from the City authorities, no rebuttal, no defence. Well that changes now with The City United Project.”
- Danny Corrigan, co-Vice Chairman of The CityUnited Project
The CityUnited Project has set out ambitious objectives
- To support the development and consolidation of the world’s leading financial centre in the City of London, and a strong and prosperous financial services industry throughout the UK
- To help to achieve a radical reform of UK financial service regulation, creating a global regulatory framework and standards as an independent sovereign nation in equal partnership with other major financial centres, in contrast to the increasingly protectionist financial markets of the EU
- To provide a well informed, unbiased and balanced representation of the mainstream views of the UK financial service industry and particularly the views of British owned firms and front line practitioners
- To sponsor innovation and global product development, and specifically in maintaining Britain’s global standing in Fintech
- To help to attract the top global financial services talent to the UK through the creation of appealing job opportunities and a benign tax environment and an appealing personal lifestyle
- To encourage the reshoring of overseas financial services operations where appropriate and through regulatory reform, the growth of attractive liquid markets and services, and a suitable tax environment
- To assist in growth in employment in the financial services industry across the UK through proportionate regulation together with a benign tax framework including Special Economic Zones, with particular emphasis on strengthening the Union and regional development, and specifically in centres like Edinburgh and Belfast
- To promote appropriate detailed sectoral regulatory reform in support of practitioners and their representatives across all the diverse activities of the financial services industry
- Without priority and in the fullness of time to support a balanced and beneficial financial services with the EU, representing and respecting the interests of independent and important international sovereign states
A positive post-Brexit attitude - and pro-activity in developing our post-Brexit future
The Brexit Facts4EU.Org team has been pleased to have been involved in the launch of this important new initiative in the post-Brexit era. We will continue our integral involvement and will publish further news as it happens.
Whilst it is important to report on the ongoing negativity of the EU towards the United Kingdom since its formal departure, it is even more important to highlight the opportunities which can open up for the UK's world-leading financial services sector in all the (non-EU) markets around the world.
There are significant opportunities for the UK Government to achieve a radical reform of UK financial service regulation, creating a global regulatory framework and standards as an independent sovereign nation in equal partnership with other major financial centres, in contrast to the increasingly protectionist financial markets of the EU.
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[ Sources: The CityUnited Project | Our Editor ] Politicians and journalists can contact us for details, as ever.
Brexit Facts4EU.Org, Mon 15 Feb 2021
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