City policy chief: let’s seize opportunity to build on London’s strengths

Speaking at the City Week 2021 online summit, City of London Corporation Policy Chair Catherine McGuinness said policymakers could be confident in the Square Mile’s future, as the UK emerges into the post-pandemic, post-Brexit world.

She said:

“As we emerge into the post-COVID, post-Brexit world, we can be confident in the City’s future and in the strength of our global competitiveness.

“In spite of the challenges of recent times, London’s core competitive strengths remain.

“Now we must seize the opportunity to build on these strengths, like our thriving innovation, in areas such as tech and sustainable finance.

“London and the UK offers a dynamic business eco-system to take an idea from germination to growth, like access to capital, proximity to innovative financial services, supportive regulation and UK-wide hubs of expertise.

“The recent Kalifa Review provides a vision for the successful and sustainable growth of UK fintech. We will be working with Government and stakeholders to take forward its important recommendations, like the industry-led Centre for Finance, Innovation and Technology.

“London is also renowned for its openness. With our departure from the EU, we have an opportunity to look at ways in which our regime can be improved and tailored to the UK’s market.

“This openness to international trade goes hand-in-hand with openness to talent and skills. To ensure we have the skilled workforce needed for the future, we must ensure we remain open and attractive to workers from around the world, whilst also supporting a skilled domestic workforce.

“I am proud to be working alongside the FCA, and many others, leading a Government commissioned taskforce to boost socio-economic diversity at senior levels in financial and professional services. To be globally competitive, we must be led by performance, and not just ‘fit’ and ‘polish’.

“London and the UK remains a world leading financial centre. Like cities around the world, we face challenges ahead, but we can be confident in a successful, sustainable future, built on our thriving innovation, our openness and international reach and our access to talent and skills.”

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