The city needs certainty that our global outlook will continue despite the high political drama

Monday, July 11, 2022 6:15 a.m.

With interest rates rising to keep up with inflation, the cost of living crisis will continue as the Tory leadership race begins (Photo by Stefan Rousseau – WPA Pool/Getty Images)

Political unrest and division dominated the news on both sides of the Atlantic, albeit for different reasons.

And with changes at the top of British politics, it is vital that the government continues to invest in London’s infrastructure, promote innovation and develop the UK’s status as a leading financial centre.

Our financial and professional services sector needs stable government to remain competitive on the global stage.

These companies pay over £75 billion in tax a year and support the UK economy by creating jobs, encouraging investment and facilitating trade.

And they support the government’s upgrading program by employing 2.3 million people across the country, two-thirds of whom are outside London.

The competitiveness of the industry is a vital national interest. And we stand ready to work with whoever leads the next government to support a vibrant and thriving city, a diverse and sustainable London and a globally prosperous UK.

We must also not lose sight of the aims of cultivating a ‘Global Britain’ as we strengthen the economic relationship between the UK and the US. This will help drive our recoveries forward amid soaring inflation and a cost of living crisis. He must continue to be part of our international vision, whoever has the keys to No10.

The United States is our largest trading partner and a natural ally in fintech and innovation. I’m crossing the pond this week to relay exactly that message. As for the ‘special’ relationship, there has been a lot of speculation about the possibility of a free trade agreement between the UK and the US.

A deal would boost the economies of both countries. And recent agreements with Australia, New Zealand and Japan have given us a glimpse of what could be achieved. But the larger scale of services trade between the UK and US means the impact would be far more dramatic.

Still, while officials from both countries insist the idea of ​​a trade deal is not “dead”, no one expects a deal any time soon.

But there are many other areas of cooperation, with or without a free trade agreement. There is already such a flow of people, ideas, business and money between the UK and the US.

And we must do all we can to facilitate the flow of data, boost digital trade and expand regulatory cooperation. Given our status as global financial centers, we have the opportunity as well as the responsibility to play a leadership role in green finance, sustainable investing and the transition to net zero.

I also travel to Canada to promote our financial and professional services more deeply in North America.

Canada is another key partner with which the UK is negotiating a new free trade deal to build on the existing post-Brexit trade continuity deal. Whether I am in Montreal or New York, I will advocate not just for the UK as a place to invest, but as a place to manage investments.

The UK is a pioneer in sustainable and responsible investing – something that is becoming increasingly important and where our leadership is vital.

As all major economies face challenges, now is the time for us to remove barriers to trade and reduce the costs of doing business.—-

By focusing on our strong economic relationships and working with our partners across the Atlantic, we can lead financial and professional services into a more innovative, sustainable and responsible future.