However, this section of the 104-page document has come under fire from the City of London, whose policy chairwoman has warned that ‘loosening trade tries to Europe’ will hit tax take and stifle job creation and growth.
The government’s vision for Brexit would bring to an end free movement between the UK and the EU, establish a free trade area for goods, a separate arrangement for services and reach a Customs arrangements that ‘will preserve frictionless trade for the majority of UK goods trade, and reduce frictions for UK exporters and importers’.
Guernsey Finance chief executive Dominic Wheatley said there were few surprises in the document.
‘The theme and content of the government’s White Paper on financial services was as we expected, and we consider it to be helpful, outlining a future working relationship with the EU that also allows the City of London to pivot to the rest of the world, based on improved competitiveness,’ he said.
‘Guernsey’s financial services strategy on Brexit is to be a source of stability and security in the short-term, and a source of complementary competitiveness to the City in the long term, and the White Paper is supportive of this approach.’
However, it was poorly received by many MPs and the wider business community, in particular the finance sector.
Catherine McGuinness, policy chair at the City of London Corporation, said the proposals were ‘a real blow for the UK’s financial and related professional services sector’.
‘With looser trade ties to Europe, the financial and related professional services sector will be less able to create jobs, generate tax and support growth across the wider economy. It’s that simple.’
The Crown Dependencies are specifically referenced in relation to the UK’s plans to leave the Common Fisheries Policy.
‘The UK is committed to working closely with member states and other coastal states to ensure sustainable management of shared stocks and the wider marine environment,’ the letter said.
‘The UK therefore proposes to agree a mechanism for annual negotiations on access to waters and fishing opportunities and promote sustainable fisheries to meet international commitments such as sustainable development goals.
‘In pursuing this agreement, the Government will continue working closely with the devolved administrations, Crown Dependencies and Overseas Territories.’
‘During international fisheries negotiations, the UK delegation will include representatives from each administration of the UK, as is the case now.’
You need to be logged in to comment. If you had an account on our previous site, you can migrate your old account and comment profile to this site by visiting this page and entering the email address for your old account. We'll then send you an email with a link to follow to complete the process.