Brexit news: New City of London group sends warning to EU for financial services battle | City & Business | Finance


Speaking the day after the official launch of the CityUnited Project, Leigh Evans said with the UK no longer a member of the bloc, there was no reason to put up with the EU’s “bad behaviour”. And he stressed it was time for the nation to assert its sovereignty – while emphasising the City of London’s worldwide reputation.

The initiative enjoys the support of politicians including former Chancellor Lord Lamont of Lerwick, David Jones MP, deputy chairman of the European Research Group (ERG), and prominent Brexiteer Sir Bernard Jenkin MP.

Mr Evans, who is also managing editor of the pro-Brexit Facts4EU.Org website, said: “Brexit Britain is finally at the stage when we can and should shape our country’s future independently, using the fantastic skills and resources our country has.

“We must re-establish our sovereignty in every way, converting all the opportunities that leaving the EU has opened up for the traditionally inventive, forward and free-thinking nation that is the United Kingdom.

“We cannot and must not leave the usual gloom-mongers as the sole voices of our great UK financial services sector.”

Mr Evans added: “The EU has behaved very badly when it comes to services – which is the vast bulk of the UK economy.

“That certainly doesn’t mean we should sit back and accept the ‘you can only do it our way’ narrative from Brussels.

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“Brexit is a huge opportunity for it to expand, now it is free from EU regulation.

“Just as the Big Bang boosted the City in the 1980s, so now Brexit can take it to even greater heights.”

The group is aiming to build on and promote what its website refers to as “the City’s outstanding track record of product development and innovation, particularly in Fintech”.

It will also aim to demonstrate how the industry can enhance employment in the City, as well as in regions and financial centres including Belfast and Edinburgh, and throughout the Union.

Mr Evans said he and his colleagues are urging the Government to “accept that the EU has in effect denied normal cooperation with the City and its associated financial services”, which nevertheless represents one of the “powerhouse engines” which the Eurozone itself relies on, as well as by the “wider European economy”.

The CityUnited Project is rolling out regular initiatives, policies, and recommendations for the Government via its website, partly aimed at combating and negating the EU’s actions.

Furthermore, it will promote bold new initiatives aimed at exploiting the UK’s expertise in financial services and to re-set the agenda for global financial services.

Speaking last month, David Blake, Professor of Economics at City, University of London, said it was crucial for Boris Johnson to stand his ground when it came to the City of London rather than kowtowing to Brussels’ rules and regulations.

He told Express.co.uk: “The EU’s hostility to our ‘Anglo-Saxon’ financial system runs very deep and goes back to the very origins of the European Economic Community.

“We should therefore expect it to be very insistent that we follow their rules in order to access their single market.

“We should be equally insistent that we will do no such thing.

“This time we must not compromise. It’s time to stop another disaster.”





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