A group of Eurosceptic City figures and politicians have set up a new financial services lobby group in the UK in a bid to trumpet the success of the post-Brexit sector.
The body, launched yesterday, is called the CityUnited project and it aims to “fight and deny EU actions by promoting bold new initiatives to leverage UK expertise in financial services.
Read more: What is the purpose of the UK-EU Memorandum of Understanding on Financial Services?
The city lobby group will be led by former chief executive of London International Financial Futures and Options Exchange professor Daniel Hodson, with former Chancellor Lord Norman Lamont and former MEP Lord Daniel Hannan on his board.
It comes as Amsterdam overtook London as the largest stock trading hub in January following the UK exit from the EU single market and the customs union.
The city also lost its previous EU-wide access to European financial markets on 31 December.
“New opportunities are opening up to ensure Citys’ global leadership in product regulation and development,” Hodson said.
We see a massive chance to strengthen and strengthen the UK’s existing position in global regulatory leadership, working in partnership with other major financial centers around the world, in contrast to the increasingly protectionist financial markets of the EU.
The only way the City of London can regain its pre-Brexit entry into the EU is if Brussels provides regulatory equivalence in 40 areas, however Brussels believes the UK is destined to change its financial services regulations and has kept in targeted.
Read more: London is experiencing a massive decline in euro swap trade after Brexit
The Treasury is currently holding Memorandum of Understanding talks with the EU to ensure future regulatory cooperation on financial services.
The talks aim to reach an agreement so that financial services regulators in the UK and the EU share information and have an open dialogue when making new regulatory decisions.
Foreign Secretary Dominic Raab told the BBC yesterday that the City of London’s biggest competitors after Brexit would be in Asia and the US, not the EU.
“The crucial question for the EU, although it may be able if you want to get some business here or there from the City, but the problem is that the measures they will take to achieve this will undermine their competition,” he said. .
“The challenge for London as a global financial hub around the world will come from Tokyo, New York and areas other than those European hubs. Especially if they start to create barriers to trade and investment.
Read more: London’s biggest competition after Brexit will not be the EU, says Raab
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