Agenda item

Report of the Director of Economic Development.

The Sub Committee received a report of the Director of Economic Development updating Members on the key activity undertaken by the Economic Development Office (EDO) in March 2018.

The Director of Economic Development gave a quick review of the Commonwealth Business Forum but advised Members that a more detailed report would be submitted to this Sub Committee in due course.

A Member requested that the Financial and Professional Services Monthly Highlights newsletter be leveraged further through promotion in ward newsletters. This was welcomed by Officers although made clear that the publication was intended for stakeholder communication rather than to the general public.

Following a question concerning EU engagement, the Special Representative for the City to the EU gave some insight from his visits to the EU. He perceived that there was a clear cut 6-month phasing and that it was widely hoped that conceptual agreement will be resolved by October 2018. From October to March, the UK would then move to associate member status. The Special Representative continued to give an overview of the City Corporation’s three T’s messaging (Transition, Talent, Trade), outlining that transition has now been developed, talent (or immigration) was still void in policy terms and that more needed to be done on trade policy particularly to develop a deal for the financial services industry. There was discussion on how much this deal would be a reciprocal partner based model or something more beholden to an existing EU model.

A Member asked whether there was a divergence of views across the 27 EU countries on the UK’s relationship with the EU but the Special Representative perceived there to be less divergence than expected, but there are differences of emphasis with each country and national interests vary.

RESOLVED, that:

·         The report be noted.