City of London Corporation Policy Chair heads to Dublin as Brexit deadline approaches

The Policy Chair of the City of London Corporation Catherine McGuinness will visit Dublin over the next two days (12th-13th February), where she will attend the 4th European Financial Forum and reiterate the City’s position on the future trading relationship with the Republic of Ireland.

Ms McGuinness will meet senior ministers - including Minister of State for Financial Services Michael D’Arcy – and leaders of senior representatives from the Irish financial services sector while in the Irish capital.

She will reiterate the City’s desire for a legally-binding transition period as part of the agreement for the UK’s withdrawal from the EU, maximising the opportunity for financial services to be fully integrated into any future trade deal and benefitting the EU economy.

She will also repeat the need for both sides to address the most serious cliff edge risks of a no-deal scenario, including the significant risks to data transfer, insurance contract continuity and uncleared derivatives.

It will be Ms McGuinness’ second visit to the city in her role as Policy Chair - which she assumed in May 2017 – having previously travelled there in July last year.

Speaking ahead of her visit, Policy Chair Catherine McGuinness said:

“With less than 50 days until the UK’s departure date from the EU, this visit comes at a pivotal moment for the UK’s financial and related professional services sector. The industry plays a vital role in supporting households and businesses on both sides of the Irish Sea and the north-south border, so it is absolutely essential that we avoid the uncertainty of no-deal.

“We need a transitional period to give us the best opportunity to deliver an ambitious and comprehensive future trade deal with the EU.

“The close ties between Dublin and London, two important financial hubs, have helped us both prosper. The City wants to ensure that this relationship remains strong and that no unnecessary trade barriers are introduced following Brexit.”

The UK exported £1.5 billion in financial services to Ireland in 2017, with imports totalling £600 million.

The visit comes after UK Prime Minister Theresa May went to Belfast, Brussels and Dublin last week in an attempt to break the Brexit impasse on free flow of goods and services across the Irish border.

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