October 2019

Dear <<First Name>>,

EU Exit 
The Chair of Policy welcomed the decision by Parliament to vote in favour of the Withdrawal Agreement Bill as 'a positive step away from a damaging no-deal Brexit.' But she went on to say that there are still many hurdles to overcome before the financial services industry can have the clarity and security it so desperately needs. 'While another extension would give us some welcome breathing space, it is a sticking plaster rather than a sustainable, long-term solution. Sustained uncertainty has left business stalling, unable to make everyday decisions on investment, expansion and recruitment.'                   

The Chair of Policy has also been making the case that any future framework agreement properly recognises the services sector and its huge contribution to the UK economy, and again urged smaller firms to up their Brexit preparedness.

Strengthening ties with our neighbours
Relations between the sector and the EU will be even more important beyond Brexit. The City of London has been expanding our presence in Brussels over the past year. We marked this by welcoming senior stakeholders to our annual reception. The Chair of Policy looked ahead to the City's future links with the EU. The event was followed by a dynamic panel discussion with Rhian-Mari Thomas, CEO of the Green Finance Institute - a further demonstration of the value the UK brings to European debates. 

Discussions with partners during the Chair of Policy's visit to Switzerland focused on the need for clarity in our future relationship with the EU and an end to uncertainty. They also looked forward to future opportunities for collaboration and mutual growth. 

Reinforcing international trade partnerships
Ahead of the UK-Africa Investment Summit in January, the Lord Mayor's visit to Kenya and South Africa consolidated the UK’s commitment to a partnership based upon mutual prosperity, financial inclusion and sustainability.

The dynamic relationship between the UK and India’s fintech sectors promises to accelerate growth in both markets. The Lord Mayor highlighted the potential for the UK's pools of talent, advisory services and capital to help Indian firms to test, scale and reach their market potential. During the Nepal leg of the trip he helped to launch Nepal Rastra Bank’s real time gross settlement system. 

Leading a delegation of firms to Australia to build trade opportunities, the Lord Mayor commented that the two markets are natural partners. Discussions during the visit focused on future trade opportunities – particularly in fintech, asset management and green finance. 

Boosting UK-US regulatory cooperation
US and UK collaboration on setting the agenda for global regulatory coherence, and progress towards a free trade agreement were central as the Lord Mayor and Chair of Policy jointly visited New York. The visit, which followed news that London has seen record venture capital fintech investment in 2019, also focused on attracting US venture capital into UK fintech.

Thriving in a hyper-connected world 
Building on our aim of promoting the UK’s competitive offer for business, we were delighted that London welcomed the annual Sibos conference. Themed around 'thriving in a hyper-connected world', the most open and global financial centre was the natural home for the event. We hosted over 300 international industry leaders at the Guildhall to showcase what the UK offers financial and professional services firms. 

Developing digital skills for the future
Continuing our commitment to the UK’s success in a digital world, October saw the launch of future.now. The Lord Mayor’s coalition between businesses, civic society and government will inspire people and businesses across the UK to get future fit with the skills to thrive in the digital age.

Boosting diversity in the workforce
The City of London is committed to supporting the wider financial sector as it adapts to reflect the society we serve and to secure the talent we need for future success. The Chair of Policy is reaching out to financial services firms to participate in, and help to fund, a study to understand the links between employee demographics, job performance, progression and retention. Please contact sophie.hulm@cityoflondon@gov.uk  to find out how you can support this critical initiative.

Celebrating excellence in corporate community involvement
Firms boosting UK social mobility and helping LGBT+ refugees build a better future were among this year’s winners of the Lord Mayor’s Dragon Awards. The awards celebrate firms of all sizes and from all sectors tackling social problems in London and the UK. This year’s applicants supported over 2.5m people across the UK, helping communities, charities and local enterprises and investing £32m. Winners ranged from global investment firms to charities.

Welcoming the election of the next Lord Mayor
We welcomed the election of William Russell as the 692nd Lord Mayor of the City of London. Taking up the role from November, he will act as an ambassador for the UK's financial and professional services sector.

We continue to be grateful for the support given to us by our partners in Government and in the City. If you think there are other opportunities to strengthen the City, please don’t hesitate to contact us at financial.services@cityoflondon.gov.uk.