City of London Corporation response to the Prime Minister Theresa May's Mansion House speech

Policy Chairman Catherine McGuinness said:

“We welcome this serious speech by the Prime Minister which is a step towards an ambitious free trade agreement.

“The UK shares the same regulatory starting point as the EU – an advantage that no other potential trading partner has.

“And so the Prime Minister is right: UK should look to secure a bespoke deal with the EU. An off-the-shelf model would do a disservice to the deep level of integration the UK and EU currently share.

“The speech given today is in line with proposals for financial services put together by the International Regulatory Strategy Group (IRSG), which outline a bold and ambitious Free Trade Agreement, introducing a joint dispute resolution body and mechanisms for mutual market access.

“We look forward to securing a transition deal with the EU as soon as possible and then discussing these trade proposals further.

“Securing this type of deal would see Europe retain access to London – one of the world’s leading financial hubs, and will cause the least amount of disruption for people and businesses across the UK and the EU.”