City of London Corporation Policy Chair Catherine McGuinness (New York and Washington DC) and Lord Mayor Peter Estlin (New York only) are both visiting the US this week (October 7th and 8th), where they will be looking ahead towards the long-term future of the UK-US relationship in financial services.
In a busy programme of engagement in New York, there will be meetings with senior figures at Citi, JP Morgan, Blackrock and several other key financial players. The agenda throughout will be to look beyond Brexit, and instead to discuss London’s competitive strengths and opportunities to collaborate in growth areas such as fintech and green finance.
Their joint visit, which will include a venture capital (VC) roundtable with several key investor funds, follows the recent news that London has seen a record amount of VC-led fintech investment so far 2019. Over $2bn has been invested so far across 114 deals according to new data from Innovate Finance and London & Partners – more deals than any other international financial centre and surpassing totals seen in any other year.
There is already a strong platform for deepening UK-US collaboration. The two countries are the world’s biggest exporters of financial services, while the two countries are also each other’s biggest financial services export partners.
“As two of the world’s biggest fintech hubs, London and New York are natural partners when it comes to delivering the innovation needed to rise to the challenges posed by the Fourth Industrial Revolution.”
In Washington DC, meanwhile, Miss McGuinness will meet the US Treasury, Federal Reserve and US Trade Representative, with whom she will argue for the development of a ‘regulatory highway’ for services, giving the UK and USA an opportunity to forge joint leadership at an international level.
Miss McGuinness and the Lord Mayor’s visit takes place against the backdrop of a possible post-Brexit UK-US trade deal – the City has been clear that any eventual Free Trade Agreement process must prioritise deepening regulatory and supervisory relationships, in order to do what is best for businesses and consumers on both sides of the Atlantic.
Catherine McGuinness, Policy Chair, City of London Corporation said: “The UK and US have many common interests in the regulation of the financial service sector in years to come. I want to see us build on the regulatory highway between our two countries, based on continued faith in open and free global financial markets.
As we consider the shape of the UK’s future trading relationship with the USA, we should keep all options on the table to ensure that business has the best opportunity to do what it does best – creating jobs and prosperity on both sides of the Atlantic.”
Peter Estlin, Lord Mayor of London said: “The US is the UK’s most significant trading partner, particularly in financial services. Yet our spirit for technological innovation offers us the possibility now of bringing our partnership to a whole new level in the 21st century.
As two of the world’s biggest fintech hubs, London and New York are natural partners when it comes to delivering the innovation needed to rise to the challenges posed by the Fourth Industrial Revolution.”