City of London calls on Chancellor to help deliver stable Brexit in the Budget

​TheCityUK said the industry needed a deal which maintained the maximum amount of access to EU markets

Ben Chapman
Monday 20 February 2017 09:16
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A financial lobbying group has called on the chancellor to deliver stability after Brexit
A financial lobbying group has called on the chancellor to deliver stability after Brexit

Finance firms have called on Chancellor Philip Hammond to use next month's budget to help deliver stability and certainty over Brexit.

With Article 50 due be triggered in March, lobbying group TheCityUK said, a “smooth and orderly exit with as much certainty as possible is in the mutual interests of the UK and the EU and global stability”.

In its Budget submission, the group, which was a vocal backer of the Remain campaign, also demanded Mr Hammond secures a smooth transition period for Brexit with clear interim arrangements, measures to boost regional growth and increase the competitiveness of the tax regime through incremental changes.

​TheCityUK said the industry needed a deal which maintained the maximum amount of access to EU markets.

Miles Celic, the chief executive of TheCityUK, said: “The UK is home to the world’s leading international financial centre, powered by an industry which employs 2.2 million people, two thirds of whom are based outside of London in significant centres such as Edinburgh, Birmingham and Cardiff. It is integral to the UK economy, paying almost £72 billion in tax.

“Enhancing the clarity and competitiveness of the UK’s tax regime, bolstering national productivity and supporting innovation across the country should be key priority areas,” Celic added.

TheCityUK also highlighted the opportunities which could arise from a fund set up within the British Business Bank to co-invest with early-stage equity investors, incentivising regional diversity in investments.

Last month the group called Brexit a “once-in-a-generation” chance to boost UK trade and investment, by focusing on building links with fast-growing economies outside Europe.

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