Brexit news: Quitting EU will help City ATTRACT business, says ex-chancellor Lord Lamont | City & Business | Finance
Brexit was ‘inevitable’ says Lord Lamont
The remarks come as prominent Brexiteer Sir Bernard Jenkin struck a similarly upbeat tone, suggesting the world-famous financial centre was “brimming with opportunities” now Britain has left the bloc. Both were speaking after last week’s launch of new campaign group the CityUnited Project.
The organisation’s stated aim is to present “a vision of a world-leading and prosperous UK financial services industry”, setting global regulatory standards in partnership with other major financial centres “in contrast to the increasingly protectionist EU financial services markets”.
Since its inception, the think tank has unveiled its Political Advisory Board, consisting of Parliamentarians including Lord Lamont, Sir Bernard, as well as ERG deputy chairman David Jones MP, Anne Marie Morris MP and Lord Hannan of Kingsclere.
Lord Lamont of Lerwick, formerly Norman Lamont, who served as Chancellor from 1990 to 1993, is a member of CityUnited’s Advisory Board.
Sir Bernard Jenkin and Lord Lamont have both tipped the City to thrive
Boris Johnson took the UK out of the EU on December 31
He told Express.co.uk: “The UK financial service industry stands at the heart of Britain’s future prosperity both in the City and regions throughout the union, providing ever-increasing employment opportunities and strengthening the union.
“The City has lacked a strong and positive voice for a while now.
“The CityUnited Project should fill this void and set an example to the City Corporation and the City establishment.”
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The UK must now exploit its global leadership in Fintech development, building on its diverse range of products and services and “innovative spirit”, Lord Lamont stressed.
With specific reference to Britain’s decision to sever ties with Brussels, he added: “Brexit has given the UK great opportunities in reshoring, not least in the City, through the use of imaginative regulatory reform and tax incentives to draw offshore management homewards.
“The enlightened attitude to date of the Bank of England has set the tone for a full review of UK financial regulation, for the benefit of the City, its customers and its employees and in setting the standards for a new world regulatory order, for the prosperity of all.”
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David Jones MP, the deputy chairman of the European Research Group
Lord Hannan is also on CityUnited’s advisory board
The future City is brimming with opportunities.
Sir Bernard, the Conservative MP for Harwich and North Essex, is chairman of the advisory board, and Chairman of the Liaison Committee of the House of Commons.
He told Express.co.uk: “We have always been global regulatory standard setters. Now is the time for us to use that experience to create a new world financial market order, based on partnerships between great financial centres.
“The future City is brimming with opportunities.
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“The protectionist financial regulation and walled markets across the Channel will spark the City’s innovative spirit in setting up and developing parallel equivalents like it did in creating the Eurodollar market of old.”
He added: “Obtaining EU equivalence was always a political matter, not a commercial or market decision.
“EU firms are welcomed here and throughout the rest of the world.
Ursula von der Leyen, President of the European Commission
“The EU will come to learn that it needs the City for the protection of the ever-weakening eurozone.”
Meanwhile, Mr Jones, Tory MP for Clwyd West, said Brexit needed to be the catalyst for the City to reassert its global leadership role in financial services, a sector he said was crucial to the UK’s prosperity and international influence.
He added: “A modern regulatory system, framed under the flexibility of the Common Law, will help ensure that this happens.
“CityUnited will be a strong advocate for the positive changes that are necessary to secure the City’s future.”