City to unveil much anticipated report on post-Brexit trade in financial services this Tuesday

Jasper Jolly
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The Square Mile - London's Financial District
The report is billed as an important intervention (Source: Getty)

An influential group of City luminaries will this week publish a much-anticipated report outlining a blueprint for the City’s post-Brexit relationship with Europe, with government keeping a keen eye on the outcome.

The report, created by the International Regulatory Strategy Group (IRSG), is expected to be published on Tuesday in Brussels.

Former Conservative City minister Mark Hoban – now chair of the board of Flood Re as well as the IRSG – will present the report, along with Rachel Kent, a partner at law firm Hogan Lovells.

Other City groups have been intimately involved in the process, including lobbying giants UK Finance and the City of London Corporation.

Read more: Theresa May proposes a transition period during Brexit speech in Florence

Firms with input into the report include a who’s who of big firms from around the Square Mile, including Barclays, Citi, HSBC, Goldman Sachs and the London Stock Exchange.

The important intervention from the City is being closely watched by the government, City A.M. understands.

Policymakers on both sides of the Channel are believed to have been consulted about the plans, while major EU-headquartered businesses such as French bank BNP Paribas have been closely involved in the process.

The report could serve as a possible model for the government’s own approach to a crucial issue for the UK economy.

The report could also prove a vital step in reassuring businesses looking for certainty in the Brexit process, with transitional arrangements and market access after that transition among the central concerns for firms trying to plan ahead.

It comes after Prime Minister Theresa May’s speech in Florence, aimed at reaching “sufficient progress” in negotiations before the end of the year so the UK can begin to discuss the future trading relationship with the EU.

Read more: Here's how eight business groups reacted to Theresa May's Brexit speech

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