- February 1, 2017
- Posted by: lutherpendragon
- Category: news
This week we welcomed Jonathan Reynolds MP, Shadow City Minister, for the latest in our series of #LutherNetwork events.
Our attendees joined us from across the financial services sector to help shape a lively discussion about the City in today’s climate, with particular focus on Brexit and its consequences.
The role of Parliament in the exiting process, as well as the exit deal itself, were considered in light of factors most affecting the City and the wider financial services sector. Maintaining the attractiveness of the UK to foreign nationals looking to work in financial services was also a key discussion point. For the City, understanding the potential impacts of Brexit and the negotiations surrounding it, will be very important to this going forward.
Also key to the conversation was the issue of public engagement around some of the more contentious issues surrounding Brexit including free movement of people, the UK’s future financial contributions to the EU, and the importance of financial services to the economy – the latter being a salient point in the wake of the financial crisis.
Many were in agreement that the Government should be prepared to alter the way it communicates with people about financial services and its contribution to the economy, outside of the Brexit debate. The message that a strong financial services sector leads to increased prosperity is an important one.
Some around the table also suggested that the UK must consider different ways by which it can attract investment once we leave the EU. A re-tailored relationship between the Government, the regulator and business, for example, might lead to a regulatory landscape that attracts inward investment, to the direct benefit of the economy post-Brexit.
Finally, there was universal acknowledgement that, amongst the Brexit noise, there is a danger customers will feel their concerns are not being listened to by the financial services sector. The continued importance of issues such as corporate governance, customer service and the creation of improved financial products must remain the central concern of the City, even as we approach EU exit.
Many thanks to Jonathan and our guests for joining us.
If you would like to find out more about Luther Network events, including information on how to attend, please email email@example.com