Britain’s financial industry plans plan for post-Brexit ‘startup’

LONDON, March 21 (Reuters) – Senior British financial sector officials said on Tuesday they would set out a plan later this year to “boost” London’s role as a post-Brexit global financial center by 2030.

The City of London, home to Britain’s historic financial district, said insurance market Lloyd’s, asset manager Schroders, auditor KPMG, Barclays bank and others will work on a roadmap to better compete with centers like New York and Singapore.

“What I feel is that there is no overall vision and strategy for UK financial services,” Chris Hayward, City of London policy chairman, told Reuters.

The roadmap will be presented to Britain’s political parties in the autumn as they prepare manifestos for a likely 2024 general election, he said.

“What it’s not about is deregulation. I really believe that good proportionate regulation and good growth are two sides of the same coin,” Hayward said.

The sector, which accounts for 12% of UK economic output, was largely cut off from the European Union by Britain’s exit from the bloc in 2020.

London remains the world’s second largest financial center after New York, but Asian hubs like Singapore are hot on its heels.

Amsterdam’s overtaking of London as Europe’s biggest equities trading hub since Brexit and British chip designer Arm’s decision to list only in New York have added to the city’s soul-searching.

Britain has already proposed the “Edinburgh Reforms” comprising more than 30 changes to existing rules, with the EU and US following suit in some areas.

The Financing for City Growth initiative would be an overall long-term strategy that sits above individual rule reforms, Hayward said.

It will focus on technology and innovation, sustainable finance, the competitive marketplace and international trade, and will aim to deliver “ambitious and practical recommendations for the competitiveness of UK financial services” in the third quarter.

The city minister, Andrew Griffith, has ruled out radical divergence from the US and the EU, saying this would increase costs for global companies.

Reporting by Huw Jones; Edited by Paul Simão

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