The London Market Group has been working closely with the UK Government to examine ways to drive its next phase of growth. Now, it has released an update on those trading opportunities.
“We’ve already enjoyed considerable influence in shaping UK trade policy on our target markets and succeeded in building confidence in the UK Government that the London Market is a valuable partner in delivering its policy objectives, whether advising on the technical aspects of the negotiations or providing innovative solutions to deepen trade ties,” said Sean McGovern, sponsor of the Government workstream.
“We will continue to shape the Government’s approach to third country trade through our membership of the Financial Services Expert Trade Advisory Group and governmental and parliamentary activity, drawing attention to the London Market as a major export industry that can support the UK Government’s trading ambitions.
“We also want to maintain momentum with campaigns to promote market innovations and ensure that the UK Government positions the London Market as an attractive market for foreign investment. This includes our long-standing campaign to reintroduce an international competitiveness duty, fostering a domestic captive insurance market and taking advantage of the next phase of the Treasury’s regulatory review and the Financial Services legislation which we expect to see next year.”
The LMG outlined that progress has been made across its priority markets, which are: North America, Switzerland, ASEAN, MENA and Brazil.
In North America, it pointed to playing a key role in negotiations between the UK and the US after being asked by Ministers to be part of the Government’s financial services expert trade advisory group. In Switzerland, meanwhile, it worked with the Treasury on a new regulatory arrangement for Swiss insurance and recently joined the industry day of the financial dialogue to present solutions to Swiss counterparts.
Over in ASEAN, it was part of a trade delegation to Malaysia and Indonesia, to promote London’s unique offering; while in Brazil it supported the UK Government with an in-depth market analysis meant to encourage greater market access for UK firms. Finally, in MENA, it promoted the work of London market firms that provide specialist Sharia compliant coverage.
