As Britain looks to a new future, with the end of the Brexit transition period approaching, it must decide what path it will take to compete in the world and maintain its economic position. One key industry to Britain’s prosperity is financial services and a new report by think tank New Financial with Barclays has revealed suggestions for how the industry can respond to the challenge.
The report recommends that a commission is established to look at competitiveness before the UK recalibrates while also maintaining a moratorium on divergence from the EU for a year to aid adjustment. As Britain moves into a new trading future New Financial rightly identifies the importance of bilateral agreements with key markets such as India, US, Singapore, Canada, China and Australia.
Reacting to the report Jes Staley, the chief executive at Barclays said, “while I feel confident that the UK will remain internationally competitive, with strong regulatory standards and a stable legal system, it has choices to make about the UK’s framework governing its capital markets that will have ramifications for generations to come and faces new challenges made more acute by Covid-19.”