The Lord Mayor of London, Alastair King, will host President Macron of France today (9 July) for a banquet at Guildhall and will call for stronger collaboration on financial services and the removal of barriers to cross-border financing of our industries, as part of the renewed spirit of cooperation between the EU and UK.
In a keynote speech, the Lord Mayor will hail UK-French relations and UK-EU relations following the success of the UK-EU Summit in May.
The Lord Mayor will say that with Brexit now behind us, financial services in London, in Paris and across Europe must play a crucial part in mastering shared challenges, and provide the necessary capital to finance the highly interconnected defence industries, and to invest in innovative tech and green energy companies on both sides of the Channel.
More than 600 guests will attend the Banquet, including His Royal Highness The Duke of Gloucester, several senior political figures, and business leaders from the financial and professional service sector in both the UK and France.
Lord Mayor of London, Alastair King, will say (please check against delivery):
“Over the last two centuries, through times of prosperity and adversity, challenge and crisis, France and Britain have stood side by side to the immeasurable benefit of not just both nations, but Europe and the world too.
“We, here in the City, are proud of our relations with France, past and present.
“They continue to be excellent – just look at the number of French businesses which thrive in London, many of whom are present tonight.
“The is the world’s number one financial hub…the world’s leading legal services centre…and Europe’s largest tech ecosystem…with 883,000 people employed in financial and professional services in London alone.
“Mr President, Brexit is behind us. France and the United Kingdom must now work together to ensure Europe can benefit fully from the remarkable skills, knowhow, and talent of one of its greatest assets – London.
“Here in the City, we welcome the agreements reached at the EU-UK summit earlier this year, and we hope the European Union and the United Kingdom can continue to enhance our cooperation in financial and professional services – an industry which is indispensable for growth, for tech, for the green transition, and for meeting our defence funding commitments.
“We have found a balance on Brexit and our relationship is now in a good position, but it could be even more harmonious through a more pragmatic, coordinated approach.
“In the current geopolitical and economic environment we need all hands-on deck across a wide variety of shared European challenges – from green energy to defence.
“We must reduce barriers for cross-border financing and avoid restrictions for investment in key strategic sectors.
“An example where regulation adds burden for business and reduces the ability for cross-border financing of our industries are recent limitations to cross-border lending, preventing non-EU financial institutions from providing core banking activities, without having first established a branch. This ultimately raises the cost of capital for European businesses.
“Policy makers and supervisory authorities should assess the impact of their policies on the availability of investment for critical business in Europe.
“In this period of uncertainty, Europe looks to France and the United Kingdom – for stability, but also for solutions.
“While others around the world turn inwards, we must together relentlessly reach outwards to defend our shared values, champion open, fair, rules-based trade, and deepen the exchanges of people, ideas, knowledge, and finance upon which both France and the United Kingdom prosper.
“We are natural allies in business…partners in progress…and above all else, steadfast friends.”
ENDS
Notes to editors
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