A New Big Bang? Financial Services Post-Brexit | IPT
Chair: Rt Hon Pat McFadden MP, Shadow Economic Secretary
Speaker: Matthew Conway, Director for Strategy & Policy, UK Finance
Speaker: Catherine McGuinness, Chair of Policy and Resources Committee, City of London Corporation
Virtual Event

Date:

Monday 28 June 2021

Venue:

This is an online event

Start Time:

16:30

End Time:

17:30

The financial services sector contributes around £130 billion to the UK economy and employs around 1.1 million people. The sector is responsible for £10 in every £100 of UK economic output and generated a trade surplus of more than £40bn in 2019. The Brexit deal of December 2019 provided slim coverage for the sector and the European Commission has said reducing the bloc’s reliance on financial services imports is crucial for competitiveness and autonomy. UK financial services providers and banks lost passporting rights and now depend on decisions by European authorities to extend equivalence based on regulatory convergence. However, there are concerns around the EU’s ability to revoke equivalent with only 30-day’s notice. The Governor of the Bank of England, Andrew Bailey, has insisted the UK should not become a ‘rule-taker’ by mimicking regulations just to obtain access. Meanwhile, the Chancellor has told business to expect ‘Big Bang 2.0’ and Lord Hill’s review has called for reforms to encourage more technology firms to list on the London Stock Exchange. With the sector facing a significant reorientation post-Brexit, what opportunities lie ahead?

This event will:

  • Consider to what extent the UK should diverge from EU regulatory regimes
  • Discuss how to support world-leading innovations such as FinTech across the UK
  • Examine opportunities for financial services firms globally