Thursday 27 October 2016 1:00 am

Lord mayor Jeffrey Mountevans says the EU benefits from a strong City of London

A strong City of London can also help safeguard the Europe's financial services markets, lord mayor Jeffrey Mountevans has argued.

Speaking at the annual City banquet at the Mansion House last night, Mountevans said the EU would gain from the City being protected during Brexit talks.

As part of a wide-ranging speech that also saw him call for a “buccaneering” vision for the future of the City, Mountevans noted the agglomeration of world-class businesses within the Square Mile.

“Dilute this fantastic accumulation of qualities and quantities and we also dilute choice, standards and value across the EU,” he said.

Read More: New PRA boss says it's full steam ahead for City red tape despite Brexit

"The government carries a heavy burden in the negotiations. But we can help them by conceiving and communicating our vision for the future of UK financial services.

"A vision that will provide government with trusted intelligence, inform their negotiating position, and help set the foundations for a Brexit deal that works well for both the UK and the EU.”

Mountevans will step down as lord mayor next month, but ahead of his departure he also took the chance to pay tribute to the work of the regulators in supporting emerging sectors like green finance.

“This demonstrates a real understanding of what both business and customers want – and the end product is smoother, more accessible products for the public,” he said.

“Innovations such as these have a hugely positive impact on the industry image, which leads, in turn, to greater stability. And with Brexit looming, we need as much stability as we can get."