City Corporation Policy Chair sets out Brexit principles

Speaking at Guildhall this afternoon (16 January), Policy Chair Catherine McGuinness set out five principles that will inform the City of London Corporation’s engagement on Brexit.

In a statement to the Court of Common Council, the City Corporation’s main decision-making body, the Policy Chair highlighted how the financial and professional services sector is in a challenging position when it comes to negotiations around the future framework with the European Union.

While the industry refines its thinking, these Brexit principles will be used to make the case for the significant contribution of the City and the services sector more generally to be reflected in the UK-EU negotiations.

In her statement, Policy Chair Catherine McGuinness said:

The industry is in a position it has never been in before and it will take time to think this through.

“In the meantime, there are a few principles that continue to stand so the City can continue to serve its international customers and clients and help tackle societal challenges.

  • First: global markets need global standards.
  • Second: the City needs to remain open to international businesses and markets.
  • Third: the City needs to be regulated by a globally leading regime that encourages innovation.
  • Fourth: the City needs to be open to international skills and talent.
  • And finally: any regulatory changes need to be gradual, well-thought through and follow better regulation principles.

“These five principles are what we will now push when talking with interlocuters in Government alongside the sector – besides making the overarching point that services generally, and in particular financial and related professional services, are vital to the UK economy and need to be at the fore in negotiations.”

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Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk