City of London calls for permanent EU market access for UK clearing houses

London’s financial district is calling for the EU to grant it access to its lucrative derivatives market past 2025 and pave the way for the two sides to “rebuild trust” after Brexit.

READ MORE : https://www.euronews.com/2023/10/24/city-of-london-calls-for-permanent-eu-market-access-for-uk-clearing-houses

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The city of London’s CEO Chris Hayward says it’s time to draw a line under brexit and re-engage with Brussels for the greater good of both the EU and the UK’s economies I actually think prime minister sunak now has taken a very positive approach to the EU as has our

Chancellor Jeremy Hunt so I think you know those days are passed I talk about a painful a painful divorce it was a painful divorce but I think you know we have to now get trust back because the opportunities for both the EU and the UK by trading together by working together

Far outweigh those conflicts um but as was is it over for the UK given that you have a sort of stubbornly high inflation rate which people like Mark carne are saying was a direct result of brexit let let’s be clear some of these issues you’ve talked about are common across

Europe so high inflation isn’t peculiar to the UK nor high interest rates we’re all affected by the geopolitical issues that are affecting our economies at the present time the one thing I think we need to do in in the UK and I think the EU as well frankly is to drive economic

Growth we haven’t had a lot of economic growth over the past few years and we need to get growth back into the system and I think EU countries are finding the same challenge as well well then does that not mean that the UK is better off

In some like the European Union when you look at the us the way it has this inflation reduction Act and the EU where you can work together as 27 member states you just look at the Clover Recovery Fund and various other funds that happen throughout Co the UK doesn’t

UK isn’t out supper because of the supply issues the cost of Supply it’s on it’s at the end of the supply chain it’s not just a global issue is it look I I I regret us not being in the single Market I think to not be in the single Market

Was a mistake and I’ll always think it was a mistake but I do think that that the opportunities now for us are that we have to now compete on the world stage we we have to stand alone we’re capable of standing alone I think we’d have been

Better standing within the EU but we now have to see those opportunities that are available to us how do you see Standing Alone um and and having growth does that mean driving down regulation social dumping all that kind of thing no so first of all we don’t want to deregulate

Let me be absolutely clear high quality regulation Financial regulation is really important to getting uh inward Financial investment from across the world so that’s actually very important to us getting growth is about getting investment growth into the country so it’s stimulating our our fintech sector for example just final question because

You know um it may not be over for some people 62% of people would like to rejoin would you relish a second referendum or you know even a conversation about that personally no I think not in my lifetime I think we have now taken a decision there has been a

Referendum of course you could always argue with that swing the other way if we did it again now I think we’ve now we’ve Now set a course for ourselves which we now have to follow okay thank you very much for joining us thank you very much indeed thanks Chris and