Report of the Director of Economic Development.
The Sub-Committee received a report of the Director of Economic Development providing highlights of the key activity undertaken by the Economic Development Office in late September and October.
The Director of Economic Development updated Members that the period had been incredibly busy and productive for the both the Chair of Policy & Resources and the Lord Mayor, and gave a summary of the appendices which had been separately circulated and remained available electronically.
The Policy Chair gave an update on the “cliff edge” issues that might arise in the event of a “no deal” Brexit, which the City Corporation had been highlighting in political meetings.
A Member conveyed his view that no deal was worse than the Prime Minister’s deal and that could be made clearer in the City Corporation’s messaging.
Another Member requested that issues around clearing derivatives and contract continuity be communicated with smaller, international trade associations.
Members agreed that this was a historic moment. It was made clear that there were two separate issues concerning the issue of the particular deal and the date that the UK would leave the EU on the 29 March 2019 unless an emergency Bill was submitted.
Members were updated on the event that was due to take place on 20 November to launch a report proposing a new immigration/visa system undertaken jointly between the City Corporation and EY, and were encouraged to pass on the invitation to their business contacts.
· The report be noted.