Lord Mayor says London must remain open to global talent

The London Lord Mayor and the Governor of the Bank of England warn that London business will suffer as a result of a ‘hard’ Brexit, emphasising the importance of retaining access to global talent.

Photo of London's skyline
A blunt warning to the government that London will only continue to thrive as a global city after Brexit if it retains access to talent from across the world was issued by the Lord Mayor of the City of London.At a Mansion House dinner attended by Mark Carney, governor of the Bank of England, Lord Mayor Andrew Parmley also added his voice to a growing chorus of calls from business leaders for the UK to retain access to the single market after the country leaves the European Union.

Immigration essential to UK businesses

Emphasising the importance of immigration to UK businesses, Mr Parmley said, "One thing made clear is that this great, global city thrives on attracting and exporting international talent and capital."We surely all recognise that UK immigration policy should enhance our future workforce - enabling industry to fill specialist roles, build links with academia, and share staff and knowledge around the world."Since last week's election resulted in a hung parliament, business groups including the CBI, Institute of Directors and the British Chambers of Commerce have added their voices to those of the financial, hospitality, farming and manufacturing sectors in warning of the dangers of a 'hard' Brexit that does not include a continuing trade deal with the remaining EU members.
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Brexit: access to the single market crucial to the City of London

In his speech to the annual Bankers' and Merchants' Dinner, Mr Parmley said a Brexit deal guaranteeing access to the single market was crucial to the City of London."The City Corporation remains firm that access to the single market is a priority. For the firms I represent, and the millions they support, a deal is vital," he said."We seek a bespoke agreement with the EU for reciprocal market access, based on the principle of mutual-recognition of our regulatory regimes. A bonfire of regulation would have no benefit."It is in everyone's interests that UK financial services remain strong and competitive. This sector's voice is of paramount importance. In order to protect its ability to create jobs and growth across the nation. To protect the 2.2 million-strong workforce in UK financial and related professional services. And to protect those with whom they work."And in the wake of the general election, the Cities of Westminster and London have a shared duty, to work together, to minimise uncertainty and maximise calm."

UK government in talks with EIB to ensure UK projects will retain access to funds

Chancellor of the Exchequer Philip Hammond had been due to address the dinner but withdrew because of the loss of life resulting from an inferno at a block of high-rise apartments in London.It is understood that he was set to reveal the government was in talks with the European Investment Bank (EIB) to ensure UK projects would retain access to its funds until Brexit was complete. He was also due to say that UK financing schemes were ready to provide additional support with the British Business Bank (BBB) set to extend the limits of its venture capital investment programme to enable it to provide greater levels of investment.The Treasury is understood to be ready to bring forward some of the £400 million in additional investment announced in last year's Autumn Statement and that the UK Guarantee Scheme will offer enhanced types of financial support to projects to reduce the risks they face.For related news and features, visit our Brexit section.Access hundreds of global services and suppliers in our Online DirectoryClick to get to the Relocate Global Online Directory  Get access to our free Global Mobility Toolkit Global Mobility Toolkit download factsheets resource centre

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