Mark Boleat, Policy Chairman at the City of London Corporation has commented on how the City of London and the UK’s financial and professional services industry has been affected over the six months following the country’s vote to leave the European Union. Mark has also commented on what the City would like to see in the coming six months.

Mark Boleat, Policy Chairman at the City of London Corporation said:

“It has been a politically turbulent six months, both here in the UK and abroad, following the country’s decision on June 23rd to exit the European Union.

“Theresa May’s government has the most complex and nationally important international negotiations since the end of World War Two ahead of it, and for the good of British business, and workers in Britain we must get this right.

“Financial and professional services employ more than 2.2 million people across the UK, and contribute more than £71bn in taxes to the public purse every year. These industries are not just vital to the UK however, as London serves as Europe’s financial hub, financing growth and prosperity across the European continent.

“I have spent the last six months seeking to ensure that the City’s importance is recognised by key decision makers in the UK and Europe, and I will continue to do so going into 2017.

“Brexit has brought with it a significant amount of uncertainty for businesses in the services sector.

“Important strategic business decisions are being delayed and much needed investment postponed or withdrawn altogether.

“Firms’ nervousness can only be allayed if they know how they can continue running their business. A transitional arrangement should be agreed as soon as possible.

“I have no doubt that whatever happens in 2017 that the City of London will remain the world’s leading financial centre. However we cannot be complacent and must continue investing in infrastructure and education while working to secure the best possible business links with the European Union and the world.”

Notes to editors:

For more information please contact:

Henry Tanner

Senior Press Officer

City of London Corporation

020 7332 1835/ 07717 797821

About the City of London Corporation:

The City of London Corporation provides local government and policing services for the financial and commercial heart of Britain, the 'Square Mile'. In addition, the City Corporation has three roles:

• We support London’s communities by working in partnership with neighbouring boroughs on economic regeneration, education and skills projects. In addition, the City of London Corporation’s charity City Bridge Trust makes grants of around £20 million annually to charitable projects across London and we also support education with three independent schools, three City Academies, a primary school and the world-renowned Guildhall School of Music and Drama.
• We also help look after key London’s heritage and green spaces including Tower Bridge, Museum of London, Barbican Arts Centre, City gardens, Hampstead Heath, Epping Forest, Burnham Beeches, and important ‘commons’ in south London.

• We also support and promote the ‘City’ as a world-leading financial and business hub, with outward and inward business delegations, high-profile civic events and research-driven policies all reflecting a long-term approach.

See www.cityoflondon.gov.uk for more details.