The trade group UK Finance “has set out proposals to place the financial services industry at the heart of the U.K.’s post-COVID-19 economic recovery, with an ambitious strategy to boost U.K. exports of financial services,” per a news release.
On Monday (Feb. 22), the banking and finance industry group released a new report that lays out a program to promote international trade in financial services. The organization said that “the U.K. is the world’s top net exporter of financial services, above the United States and Switzerland, with a financial services trade surplus of $77 billion … in 2019.” In addition, the group stated that “the banking and finance industry currently employs over one million people across the United Kingdom, with over two-thirds of these jobs located outside of London.”
“The industry’s trade surplus is vital, and we are keen to work with the government and regulators to increase these benefits for the U.K.,” said David Postings, CEO of UK Finance.
“The U.K. should seize the opportunity to be a global champion for free trade in financial services, building on our strengths as the world’s most open and international financial center,” said Gerry Grimstone, U.K. minister for investments. He said the government should use “regulatory agreements and free trade deals to open up new markets overseas,” pointing to such global standard-setting bodies as the World Trade Organization.
The new report, “International Trade in Financial Services,” calls for talks in which U.K. financial regulators, such as the Bank of England and Financial Conduct Authority (FCA), would work with regulators in other countries to move toward improved market access.
The United Kingdom and European Union were expected to begin talks last month on how to regulate the financial services sector now that Brexit has taken effect. The two parties had not yet taken up the matter before the U.K. left the European Union in January 2o2o.
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