City voices support for Northern Ireland services sector in EU trade negotiations

The Policy Chair at the City of London Corporation will today [7 February 2020] visit Belfast and Derry-Londonderry, calling on the Northern Ireland services sector to be properly recognised in European Union future trading negotiations.

As political leader for the UK’s premier financial district, the Policy Chair will meet prominent politicians and senior figures from financial and professional services, taking on board their views on the future relationship with the EU to feed into engagements with UK Government and Treasury.

The meetings will also be used to foster a closer relationship in financial and professional services post-Brexit and promote the City Corporation’s strategy to strengthen partnerships across the UK.

Belfast and Derry are important cities in the plan, which is helping to increase inward investment and build awareness of how London can act as a springboard for local firms to export their products and services globally.

Northern Ireland was an obvious partner in the first wave of the City Corporation’s UK strategy when it was launched in 2016, not only because of strong historical links, but also because of the burgeoning financial services sector it has built in recent years. There are around 50,000 jobs in the sector in Northern Ireland, which are now spreading rapidly from Belfast to Derry.

Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“Northern Ireland plays a significant part in the success of UK financial services, with its 50,000 sector jobs and sizable contribution to the wider economy.

“We have long said that the future trading negotiations should not be a zero sum game for different sectors. But as the largest component of Northern Ireland’s economy, services should not be an afterthought.

“That’s why we are advocating for a trade deal that properly recognises the economic clout of the services sector, securing maximum market access and developing a structure for the UK and EU to prosper in the years ahead.”

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

The UK strategy involves the City of London Corporation engaging with cities in a number of ways, including:

  • Inward investment: For firms looking to increase their domestic presence, the City Corporation can help facilitate the process of expanding their operations across the UK;
  • Trade links: As part of their extensive programme of international travel, both the Lord Mayor of the City of London and the Policy Chair will invite representatives from the regions to join them in meeting senior representatives on the visits;
  • International outlook: Building awareness of the opportunities and expertise London provides to UK-based firms to export their products and services globally.