Agenda item

The Chairman to be heard.

The Chairman was heard regarding the outcome of the referendum on UK membership of the European Union.

·         He noted that he had attended various meetings with trade associations, the London Mayor, and TheCityUK to discuss and review the result. Many businesses recognise that at present there were few options to pursue in the short term: there would be a substantive political debate around balancing access to the single market, with EU rules on freedom of movement.

·         The Chairman would be travelling to Paris for the City’s Anglo-French Dialogue on 12 July.

·         The City has established a Brexit Taskforce composed of relevant Committee Chairmen and Aldermen. The taskforce had no powers of decision and would function as a sounding board.

·         The Economic Development Office would increase the City’s ambassadorial engagement.

·         The Director of Economic Development noted that the London Mayor’s Chief of Staff had convened a meeting of borough leader’s in the last week to discuss Brexit and its impact on London local government. One issue in particular that had been raised was the status of EU nationals currently resident in London and the UK.

·         A member noted that The City Bridge Trust could have a role in fostering projects that promoted community cohesion.

·         A member noted that the City had a stake in Brexit negotiations, and had a role to play in providing high level examples of what the financial services sector needed in a post-Brexit scenario.