Ahead of HM Treasury’s launch in Manchester of ‘The Review of the Balance of Competences – Single Market: Financial Services and the Free Movement of Capital’, TheCityUK, the voice of financial and related professional services, is today calling on businesses in the industry across the country to contribute.

This third tranche of the Review of the Balance of Competences will be launched by HM Treasury and TheCityUK on the 22nd of October at Bank of New York Mellon’s Manchester offices. The Review analyses the UK’s relationship with the EU, aims to develop a deeper and more evidenced based understanding of the issues and provide a serious contribution to the national and wider debate around this relationship.

The Single Market: Financial Services and the Free Movement of Capital’ report will consider the EU’s competences or powers, and how the EU exercises them in financial services and the free movement of capital. HM Treasury is seeking evidence from those with relevant knowledge or experience of the impact of the EU’s competences in this area from outside the UK as well as within.

Chris Cummings, Chief Executive of TheCityUK said:

We are delighted to be working in partnership with HM Treasury and Bank of New York Mellon to host this high profile event and to launch this strand of a nationally important Review where it is vital that the business opinion be heard. HM Treasury is seeking views from all those with an interest in the UK’s relationship with the EU, which naturally includes financial and related professional services.

A key aspect of our work is to bring the business voice to the table. A strong, stable eurozone is vital not just to those who use the euro as their currency but also to those like us who do not.

Berlaymont Building by Sebastien Bertrand

Berlaymont Building by Sebastien Bertrand

Chris Cummings concluded:

Foreign firms who choose to locate in the UK are a key measure of the health of our industry and attractiveness of the UK as a place to do business. Our sector attracts more foreign direct investment than any other and the UK attracts more FDI than other EU member states. Our economic research shows that ease of access to the Single Market is the lead driver for firms to invest in the UK. In this context it is clear that the UK’s relationship with the EU will be of vital consideration to UK recovery, job creation and sustainable economic growth.

TheCityUK is launching a major piece of research into the industry’s views on the importance of our EU relationship and access to the Single Market on the 30th October. We look forward to working with both our sector and the Government to further the debate around this vital relationship.

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