Britain can make good use of their finance industry and equally benefit from the upcoming global opportunities that are knocking their door, keeping itself among the leading global financial platforms after Brexit, leading industry officials said.
After the infamous vote that shook the world by its roots, Britain decided to cast away from the European Union. The major bank groups advised Britain that London’s position amongst the top global financial center will be affected if they don’t continue with granting the “Passporting” standards to the Union markets.
Passporting is the European Union’s exercise of their right to do business in any of the EEA regions, which are governed by a set of ground rules and under full authorization of EU.
However, Britain’s Prime Minister and Conservative party leader, Theresa May last month said that the UK would not be a part of any EU market, and they won’t be exercising any passporting rights. This was made official by Britain’s top officials when they announced this in a hearing in their Parliament this Tuesday.
Chris Cummings, Chief Executive Investment Association, and Anthony Browne, Chief Executive of British Banker Association, along with Gary Campkin, Director of Policy, told they are more open to a “mutual market access” transaction with the EU in coming future. Browne also mentioned to the International Trade Committee that Britain has an abundance of opportunities.
The financial industries of UK and EU will be allowed to do business with each other, regardless of Britain’s decision to not exercise any Passporting rights.
CityUK also made it clear that they are looking forward to trading with emerging companies from all over the world with their “once-in-a-generation opportunity” and not just focus on grabbing deals with the firms based in EU.
The Director of Policy at CityUK also said it is more important for Britain to broaden their Horizon and look inventively at new arrangements and contracts. They want to look at all the opportunities, not only the ones that are important.
Browne said that most opportunities that will generate more profit would be from advanced countries instead of emerging nations that tend to be burdened under the list of economic restrictions. There will be enough opportunities to strike new deals and arrange new market for Britain’s finance companies.
Browne further added that leaving the EU and their trading made them more optimistic. He encourages Britain to accept the inevitable and the opportunities will present itself to raise Britain’s Global Position in Finance.
It is quite significant that the government should prioritize in negotiating new deals and arrangements for Britain’s market and later deal with the EU laws.