With numerous reports of insurers ready to relocate beyond the UK in order to maintain access to Europe, you might think that the impending Brexit spells doom and gloom for the UK’s finance industry. However, now a new report has suggested the opposite may be true.
Despite opposing the exit from the bloc during last year’s referendum, TheCityUK has now issued a report suggesting that leaving the European Union offers a chance to “recalibrate and repurpose” for Britain both in terms of its trade policy and investment.
Describing it as a “once in a generation” opportunity, the report outlines that while 40% of financial services trade is currently with Europe, 90% of economic growth is expected to be in other areas over the next 10-15 years, meaning that other markets should be the priority anyway.
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“The prime minister has signaled her commitment to striking the best trade deals around the world post-Brexit,” Gary Campkin, director for policy and strategy at TheCityUK, said in an e-mailed statement to newswire
Bloomberg. “One of the most significant opportunities for the UK following its exit from the EU will be its ability - for the first time in decades - to pursue an independent UK trade and investment policy based on UK interests.”
The group had previously warned about potential economic loss but has now pulled back from its stance of calling for a continuance of passporting that allows banks to service the EU from London.
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