It is now over five years since Britain voted to leave the European Union, 22 months since Britain formally left and 10 months since Britain departed the European single market. It is therefore timely to take stock at the position of the City of London which, partly as a result of Britain’s membership of the European Union, had developed into the financial centre of the Union.
The paper describes the emerging new relationship between Britain and the European Union, specifically in respect of financial services, assesses the likely long term impact of this on the financial services industry in the UK and finally sets out a number of proposals for action that needs to be taken to secure London's position as one of the major global financial centres.
The paper draws heavily on Sir Mark's 2018 study Brexit and the financial services industry - the story so far, published by the Centre for European Reform, much of which is still apposite.