City of London Lord Mayor Charles Bowman “confident” government can agree Brexit transition in 13 days
London’s Lord Mayor is “quietly confident” the government will secure a transitional Brexit deal in the next fortnight to be ready ahead of the one-year marker for the UK leaving the EU.
Charles Bowman, who serves as the figurehead for the City of London Corporation’s lobbying efforts, said the government has indicated it will try to reach a pragmatic deal on trade with the EU, as he prepares to take a delegation of British businesses to China to promote the City.
“I would be quietly confident that we would get that transition by the end of March,” he said, pointing to Prime Minister Theresa May’s recent Mansion House speech, in which she committed to reaching a trade agreement.
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Bowman also welcomed May’s affirmation of “an appropriate immigration policy to retain that win-win for all concerned”, as well as supporting the City’s framework for mutual access and regulatory alignment between the UK and the EU after Brexit.
His comments came ahead of a visit to China with senior City figures in a bid to promote the London’s financial and professional services.
He will be joined by top bankers, including senior bankers from HSBC and Standard Chartered. Top London bankers from JP Morgan and Citigroup will also attend.
Standard Life Aberdeen and Barings will be among the representatives of the British investment industry, while other big City firms like insurer JLT Group, law firm Linklaters and the London Stock Exchange will also be present.
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Bowman said that “the opportunities associated with China are significant” for London firms, particularly with the massive infrastructure investment promised by the Chinese President Xi Jinping under the Belt and Road project.
Xi plans $1 trillion (£720bn) in investment in trade routes across Asia, with London’s financial services eyeing the opportunity to facilitate financing as well as making investments themselves in the fast-growing economies targeted.
The City will push a “soup through nut” offering encompassing banking, investors, insurers, and professional services, Bowman said. Meanwhile, “We’ve got a world-leading fintech centre and the world at large wants access to it,” he said.
The City of London Corporation will issue a document after the visit to set out the next steps for London businesses to engage with the Belt and Road project.
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