Spearheaded by David Jones MP, deputy chairman of the European Research Group (ERG), Sir Bernard Jenkin MP, former Chancellor Lord Lamont of Lerwic
Spearheaded by David Jones MP, deputy chairman of the European Research Group (ERG), Sir Bernard Jenkin MP, former Chancellor Lord Lamont of Lerwick, Lord Hannan of Kingsclere and Anne Marie Morris MP, as well as other high-profile industry leaders, The CityUnited Project was launched today. Organisers stress the Government must now accept the bloc has effectively denied normal cooperation with the City and its associated financial services, even though they say it represents one of the “powerhouse engines” relied on by the Eurozone itself, as well as by the wider European economy.
CityUnited Project’s chairman Professor Daniel Hodson said: “Our vision is a global City and UK financial services industry, serving the world and supported by a fair and competitive regulatory and taxation framework and the highest skills possible.
“New opportunities are opening up to secure the City’s global leadership in regulation and product development.”
The role of financial services in generating employment in the City and regionally (including in Scotland, Wales and Northern Ireland) was more important than ever and can strengthen the Union, stressed Prof Hodson.
He added: “We see a massive chance to strengthen and enhance the UK’s existing position in global regulatory leadership, working in partnership with other major financial centres across the world, in contrast to the increasingly protectionist financial markets of the EU.”
“Just as the Big Bang boosted the City in the 1980s, so now Brexit can take it to even greater heights.”
Leigh Evans of Facts4EU.Org, Vice-Chairman of the CityUnited Project, added: “Across the Brexit spectrum the Northern Ireland Protocol and its effect on peace and stability in the Province, the EU’s refusal to allow the continued importation of unprocessed shellfish, and even the confiscation of ham sandwiches from truckers at Dutch ports – these have all taken their toll on the UK-EU relationship.
“Within this mix we now have by far the largest issue from an economic perspective – the enormous but exciting challenges caused by the EU’s refusal to deal rationally and reasonably with the UK on financial services.
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“There’s a great deal that now needs to be done and the ‘The CityUnited Project’ is looking forward to embracing these issues with all interested parties, including Government.”
Danny Corrigan, another Vice-Chairman, said: “Daily we read negative stories about our markets and their future.
“We hear of equity trading moving to the EU, the euro rates derivative business – invented here – being arm twisted out of London by the EU as it encircles trading, sales, clearing, settlement and payments exclusively on the continent.
“And yet we hear nothing from the City authorities, no rebuttal, no defence. Well that changes now with the City United Project.”
The City United Project set out an ambitious set of targets during today’s launch:
- To support the development and consolidation of the world’s leading financial centre in the City of London, and a strong and prosperous financial services industry throughout the UK
- To help to achieve a radical reform of UK financial service regulation, creating a global regulatory framework and standards as an independent sovereign nation in equal partnership with other major financial centres, in contrast to the increasingly protectionist financial markets of the EU
- To provide a well informed, unbiased and balanced representation of the mainstream views of the UK financial service industry and particularly the views of British owned firms and front line practitioners
- To sponsor innovation and global product development, and specifically in maintaining Britain’s global standing in Fintech
- To help to attract the top global financial services talent to the UK through the creation of appealing job opportunities and a benign tax environment and an appealing personal lifestyle
- To encourage the reshoring of overseas financial services operations where appropriate and through regulatory reform, the growth of attractive liquid markets and services, and a suitable tax environment
- To assist in growth in employment in the financial services industry across the UK through proportionate regulation together with a benign tax framework including Special Economic Zones, with particular emphasis on strengthening the Union and regional development, and specifically in centres like Edinburgh and Belfast
- To promote appropriate detailed sectoral regulatory reform in support of practitioners and their representatives across all the diverse activities of the financial services industry
Without priority and in the fullness of time to support a balanced and beneficial financial services with the EU, representing and respecting the interests of independent and important international sovereign states