Agenda item

To note the draft minutes of the Public Relations and Economic Development Sub-Committee meeting held on 24 April 2018.

The public minutes of the Public Relations and Economic Development Sub-Committee of 24 April 2018 were noted.

Matters Arising – City Corporation’s Position on Brexit

The Chairman referred to the City Corporation’s position on Brexit and the Single Market. She stated that, whilst there were some strongly-held views from all sides, the organisation’s legitimacy and credibility rested on its ability to speak for the financial and professional services sector, as well as for its voters – businesses and residents – and on being able to put forward options based on what was politically possible.

The City Corporation, together with the FRPS sector, had been taking a pragmatic line since the referendum result and had been working with the sector to identify the issues and develop solutions which stay within the Government’s “red lines”. Broad consensus around arguing for “three Ts” -  Trade, Transition and Talent - had been achieved. 

On Trade, we were calling for the greatest possible level of market access, through the model of mutual recognition proposed by the International Regulatory Strategy Group. 

She assured Members that the City Corporation’s position would remain pragmatic and if there was a change in the Government’s position discussions would take place with Members to ascertain a response. She advised that the Director of Economic Development had been asked to organise a briefing with representatives of the FRPS sector so that members of the Committee could engage on the issues directly. 

The Chairman concluded by stating that the City Corporation should maintain a flexible and pragmatic approach. Should the Government’s position, the political situation or the industry position change, the matter would be discussed with the Committee as a matter of urgency.

Several Members spoke to endorse the Chairman’s sentiments and the proposed approach. A Member also observed that the interests of financial institutions might soon begin to diverge from those of City Corporation, insofar as the interests of the former were to protect and preserve their business interests, whilst the latter was of course concerned with protecting financial and professional services in London and the UK. The Chairman noted that this subject would remain under close review and that further discussions would take place at various informal Member Briefing sessions.

RECEIVED.