Policy Chair urges Washington stakeholders to keep all options open for future UK-US trading relationship
City of London Policy Chair Catherine McGuinness will suggest that all options should be kept on the table as regards to the shape of future UK-US trading relationship, when she visits Washington DC this week (7-9 May).
Miss McGuinness will make the case that any eventual Free Trade Agreement process must prioritise deepening regulatory and supervisory relationships, in order to do what is best for businesses and consumers on both sides of the Atlantic.
In engagements with the US Treasury, Federal Reserve and USTR among others, she will argue that the development of a ‘regulatory highway’ for services across the Atlantic will give the UK and USA an opportunity to forge joint leadership at an international level.
The USA is the UK’s biggest trading partner after the EU, and the two countries are the world’s biggest exporters of services. Together, they export more than $135bn of financial services a year (UK - $88bn, USA - $47bn).
The UK and USA are also the largest investors in each other’s economies, much of this facilitated through businesses in the City of London, creating hundreds of thousands of jobs on both sides of the Atlantic.
Ten years after the financial crisis, she will also reiterate the City’s support for open and free global markets.
Catherine McGuinness, Policy Chair, City of London Corporation said:
“The UK is the world’s leading exporter of financial services. Within that, there are few better success stories than the special relationship that we have built with the United States. The cornerstone for our success together has been faith in open and free global markets.
“Together, as leaders in financial services, we have an opportunity to lead internationally in shaping the regulation of the sector in years to come, and to build a regulatory highway between our two countries.
“As we consider the shape of the UK’s future trading relationship with the USA, I’m determined that we keep all options on the table to ensure that business has the best opportunity to do what it does best – creating jobs and prosperity for businesses and households on both sides of the Atlantic.”
Miss McGuinness will be tweeting from @City_McGuinness during her visit.
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