The mayor of the financial district says that the City of London requires a watertight Brexit transition deal by the end of 2017 to plan ahead and dodge a “cliff edge” hurting the economy.
Andrew Parmley, the Lord Mayor of London, will inform the annual City Banquet on Wednesday evening that government backing for a transition deal estimated for around two years between the withdrawal from the European Union and the commencement of new trading terms “will be our bridge to the future.”
“But the idea must become reality, translated into a legal agreement before the end of the year,” the mayor will say in statements that were released in advance to the media.
“The longer this is left, the more it damages all our future – not only in the UK but the economy right across the EU.”
Andrew Parmley, the holder of the ceremonial post of mayor of the municipal authority that oversee’s the financial district of London, will say that the financial sector needs to know more regarding the “final state” or future trading terms with the European Union.
“How can the UK’s most profitable industry be expected to programme its satnav without knowing the destination?”
Banks in London have already been announcing that they will transfer some staff and activities to the EU before the departure of Britain from the European Union in March 2019 to be ensured of serving European customers.
The mayor criticised “economically illiterate calls” of those who want to set up cross-border barriers – plans that were made by Brussels that could force the clearing of euro-denominated trades to move from London to the European Union following Brexit are being rejected by Britain.
The banquet in the “Square Mile” will also listen to speeches made by the heads of the Financial Conduct Authority, and the Prudential Regulation Authority of the Bank of England.
Parmley will inform the public of the need to maintain existing financial rules, remarks that will strike at those who have suggested that Brexit could be a chance to abandon some regulations that originated from the European Union to improve competitiveness.