City Corporation hosts EU Commissioner in first meeting since Windsor Framework

City of London Corporation Policy Chairman Chris Hayward today [22 May 2023] welcomed the European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, Mairead McGuinness, as the pair discussed the key role of financial and professional services in the UK-EU relationship.

Speaking at a roundtable event at Mansion House attended by the European Commissioner, trade associations and industry representatives, the Policy Chairman expressed his hope that the Windsor Framework would mark “the beginning of a new chapter in our relationship.”

The Policy Chairman also urged for a permanent solution over access to clearing houses in the UK, beyond the 2025 deadline. As a critical function in financial transactions, acting as an intermediary between buyers and sellers to speed up the process and ensure stability, clearing houses plays a crucial role in providing certainty and stability to both the UK and EU economies. 

City of London Corporation Policy Chairman Chris Hayward said: 

“We hope that the memorandum of understanding on financial services will be signed soon, and that together, the EU and the UK can set up an ambitious bilateral financial services dialogue. 

"Because ultimately, a healthy EU-UK relationship is key for us in the City, not just for the financial and professional services sector, but also for the wider economy.

“In 2022, for example, the UK exported £340 billion worth of goods and services to the EU and imported £432 billion worth from the EU. This near £1 trillion of goods and services should be the platform from which we build our future success.” 

EU Commissioner Mairead McGuinness said:  

“Today’s event, organised by the City of London Corporation, is an opportunity to engage with UK industry representatives across a range of areas. The Windsor Framework allows the EU and the UK to open a new chapter in our partnership.  

“While the UK remains outside the EU and the single market, our new relationship allows us to work together in a structured way in areas of common interest - preserving our financial stability, market integrity and protection of investors and consumers.  

“This is what the future EU-UK Regulatory Forum will ensure, akin to how we engage with our other international partners."