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Brexit ‘a time to develop new relationships’

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BREXIT is a time to build on existing relationships and develop new ones, according to the chairman of the industry-led body representing UK-based financial and related professional services.

(Picture by PA Wire)

At a speech attended by UK Chancellor Philip Hammond and Guernsey’s chief minister Gavin St Pier this week, John McFarlane, chairman of TheCityUK, said building new trading relationships with the rest of the world needed to be done sensibly, both politically and economically.

‘We need to be realistic, that in leaving the EU we cannot retain all the benefits we enjoyed as a full member. Brexit is therefore an impediment to the sector’s ability to conduct its business and serve its customers and clients,’ he said.

‘There is a tangible threat of a cliff-edge in a number of areas and no individual firm can accept the possibility of this. They have plans in place and will take the necessary action to maintain their business and serve their customers. Time is running out.’

Mr McFarlane, also chairman of Barclays, said that a trade agreement with the EU on goods and services was essential for the UK and it would not be helpful to rely on ‘off-the-shelf’ EU solutions such as Norway or Canada.

Guernsey Finance is increasingly working closely with TheCityUK and its chief executive Miles Celic will be keynote speaker at the promotional agency’s annual industry update next month.

Full story in today's Guernsey Press

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