EU Referendum – City Corporation Update


We are keen to keep you updated on the important work we are doing on Brexit, particularly in light of the huge political change we have seen recently. We want to represent your views, ideas and concerns and feed them directly in to the City’s work on influencing the terms of the UK’s exit from the EU.

There is a critical need for us to understand the position of City businesses and to help to shape and reflect those positions to policymakers. Likewise we are focussing on understanding where political and regulatory policy makers are coming from and influencing them.

Our aim is to seek to minimise any loss of business from the City by ensuring that there is a full understanding of the implications of various options and, with others, making the appropriate policy representations. We also seek to explore and promote compensatory policy and other measures to take advantage of opportunities to increase business for the City, London and the UK as a whole.

The City Corporation is working closely with TheCityUK and the International Regulatory Strategy Group. We are also fully engaged in the various industry fora.

The following questions are pertinent. Please let us have your views on these, or any other aspect:

  • What can we do to minimise business moving away from the City as a result of the current uncertainty?
  • What can we do to attract more new business into the City?
  • Are there any specific areas that we should be seeking to promote (Fintech and green finance are obvious examples, where we are already very active)?
  • What form does continued access to the Single Market need to take?
  • How do we ensure that industry continues to have access to the skilled workers from EU member states it requires?
  • How do we achieve stability in the regulatory environment – no major changes?
  • How can we best increase business with non EU countries – noting that additional resources have been agreed to fund this work?
  • What contribution can we make to counter the view outside London that London generally and the City specifically are not seen as benefitting the rest of the economy?

What can we do to counter the small but significant element of xenophobia that has been experienced in recent weeks?

A substantial increase in the Corporation’s budget to cover representational work has also been agreed, as referenced above, which will predominantly be used to:

  • Build Future Products and Services: providing a stronger focus on innovative policy development to respond to new challenges and to secure the position of the City as a premier financial services centre for the future.
  • Strengthen the Regulatory Framework: providing strong leadership for the City on strategic policy and regulatory issues affecting London as a financial services centre.
  • Promote Exports and Investment: developing a new approach to provide attractive customer service for businesses served by the Corporation’s trade and investment work.

Please do contact the Members with any suggestions or concerns.

Best wishes,

Alderman Michael Mainelli
Common Councilmen John Bennett, John Scott and Chris Hayward.