Britain’s financial industry is preparing a plan for a post-Brexit “kickstart”. – #Britains #financial #industry #preparing #plan #postBrexit #kickstart
LONDON, March 21 (Reuters) – Senior UK financial sector officials said on Tuesday they will draw up a plan later this year to “launch” London’s role as a post-Brexit global financial center by 2030.
The city of London, where Britain’s historic financial district is located, said that Lloyd’s insurance market, asset manager Schroders, auditor KPMG, Barclays bank and others will work on a roadmap to better compete with hubs like New York and Singapore.
“My feeling is that there is no overall vision and no strategy for UK financial services,” City of London policy chair Chris Hayward told Reuters.
According to him, the road map of Britain political will be presented to their parties in the autumn as they prepare a manifesto for the 2024 general election.
“The issue is not about deregulation. I really believe that good, proportionate regulation and good growth are two sides of the same coin,” Hayward said.
A sector that accounts for 12% of UK economic output, 2020With Great Britain leaving the bloc in Europe It was largely cut off from the union.
London remains the world’s second most important financial center after New York, but Asian hubs such as Singapore are chasing it.
Amsterdam overtaking London as Europe’s biggest stock trading center after Brexit and the Big Britain chip designer Arm’s decision to list only in New York has fueled the city’s soul-searching.
Britain the ‘Edinburgh Reforms’, consisting of more than 30 changes to existing regulations offer did, the EU and USA it does the same in some areas.
Hayward said the City’s Finance for Growth initiative will be an umbrella, long-term strategy that sits on top of individual rule reforms.
It will focus on technology and innovation, sustainable finance, the competitive market and international trade, and in the third quarter, the “Big Britain ambitious for the competitiveness of financial services, execution will aim to present “actionable recommendations”.
City Minister Andrew Griffith, USA and ruled out a radical divergence with the EU, saying it would raise costs for global firms.
By Huw Jones report; Edited by Paul Simao
Our standards: Thomson Reuters Trust Principles.
2023-03-21 11:25:19
Source – reuters
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