The CBI responded to a speech on Brexit and Financial
Services, given by the Chancellor of the Exchequer, Rt. Hon.
, and to comments made by the
President of the European Commission, Donald Tusk, on the UK’s
negotiating position.
On the Chancellor’s speech, Josh Hardie, CBI
Deputy Director-General, said:
“The Chancellor is absolutely right to be leading the
fight for the UK’s financial services sector. Trying to forge a
new trading relationship with our largest trading partner that
does not include financial services is like building a ship with
no sails.
“Challenging the assumption that financial services
can’t be in a future trade agreement is right, as ambitious plans
for an agreement are very much in the interests of both sides of
the Channel. Hundreds of millions of people across Europe, from
tourists to entrepreneurs to pensioners, rely on mutual market
access in financial services every single day without even
realising it.
“This must start with removing the cliff-edge for
trade in services by quickly agreeing comprehensive transitional
agreements, as well as ensuring that skilled workers can easily
move and work across the Channel. With these steps in place, and
a clear vision of the deal the UK wants, firms will have more
reasons to pause contingency plans and to invest in
UK.
“It’s fundamental we protect, maintain and develop
our world-beating financial services sector – the lifeblood of
both the UK’s and the EU’s economies that enables all other
sectors to deliver jobs, innovate and grow. With two thirds of UK
financial services jobs being found outside London, all parts of
the country succeed when the sector has wind in its
sails.”
On Donald Tusk’s comments, Josh
said:
“Both the UK and the EU have now laid down their
opening markers, so the CBI, alongside businesses across Europe,
urges both sides to approach negotiations with a truly open mind
and fresh, pragmatic thinking to secure the best deal for people
and firms across Europe.
“There is a very clear shared interest between the UK
and EU members, so it’s critical to avoid ending up with a deal
that ultimately satisfies no-one. It simply is too important to
let fail.”
Notes to Editors:
The CBI will publish a new report Five Steps
to Protect Services
Post-Brexit tomorrow, Thursday 8th
March.
