Catherine McGuinness, who is chair of Policy at the City of London Corporation, has said the EU shouldn’t underestimate London’s strength as negotiations are set to continue on Financial services.
She said: “We’ve got to take our destiny into our own hands, we’ve got to look at the best way forward to the future and what I’d say to the rest of the world is don’t underestimate the UK.”
This tough talk reaction is due to the EU not offering Britain “Equivalence” to London, a process of acknowledgement by another country to say the rules and regulations are similar.
During negotiations, the UK granted EU access to certain areas without the EU reciprocating the same to the UK.
This lack of cooperation from the EU is a deliberate tactic to try and crowbar businesses away from London and relocate them to the EU.
Due to this, the UK has lost more than £1 trillion of assets and thousands of jobs to EU financial capitals to avoid disruption, according to City AM.
Talks begin this week with a hoped secured “memorandum of understanding” by March.
With the lack of attention on Financial services during the trade deal process, Ms McGuinness wants “more of the focus” going forward.
In an interview with City AM, Ms McGuinness said: “Particularly in the last few months, we’ve had this sense that fish and other parts of the economy that are really tiny in comparison have captured much more of the imagination than this really major part of the economy,” McGuinness said.
“There may have been an assumption that the big firms could look after themselves.
“Yes they can, but it means moving some of their business, so it’s not necessarily a good thing from our perspective.”
Unconfirmed reports suggest Treasury minister John Glen is to lead negotiations.
