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Highlights of the City of London Corporation's work on behalf of financial and professional services
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December 2019
Dear Mark,

In the aftermath of the appalling attack on London Bridge, the City came together with a vigil at the Guildhall to pay tribute to both the victims and the members of the public and emergency services who responded with remarkable bravery. The response to the terrible events was an inspiring demonstration of Londoners working together.

Accelerating green finance worldwide
Looking to the UK’s future as a leading centre for finance, we have been focused on showcasing the UK’s readiness to work with governments and industry worldwide. Global leadership and the importance of collective action in sustainable finance was the key theme of a keynote address at the Guildhall from European Commission Vice President, Valdis Dombrovskis.

Trillions of pounds in investment will be needed to meet the world’s climate challenges. The UK is partnering with markets globally to accelerate the growth of green finance and meet this need. Our new report 'Untapped Potential: Supercharging Green Finance in India' made practical recommendations including reducing structural barriers to investment and innovative financing mechanisms to support the growth of sustainable finance in the Indian market. A new film, published as part of our Global City Campaign, highlights the UK’s world leading expertise on sustainable finance.

Supporting impact investment
The UK has been a pioneer in impact investment. We are delighted to have helped establish and fund the Impact Investing Institute, and we welcome its launch in November. The Institute aims to accelerate the growth and improve the effectiveness of the impact investing market. It will help individuals to leverage their investments to solve social challenges in line with their personal values, whilst generating a financial return.

EU Exit
Brexit uncertainty remains a significant challenge for businesses across the UK and Europe. So the Chair of Policy welcomed news that the Commission is likely to extend temporary equivalence for UK clearing houses, which would help to remove the immediate risk of disruption to EU clearing services. Although work remains on securing a long-term solution, a temporary extension would give ‘much-needed breathing space’ to institutions Europe-wide.

Trade, innovation and culture
William Russell took office as Lord Mayor in November, embedding his Global UK theme – with its three pillars of trade, innovation and culture. A key priority is harnessing the power of the UK’s financial and professional services hubs working together in order to showcase the depth of the country-wide offer for the sector. During visits to Leeds, Manchester, Derry/Londonderry and Belfast he met with stakeholders ranging from senior politicians to local firms, to explore how partnerships between the key hubs can benefit the whole UK.

The sectors reshaping the future of finance, including fintech, remain a priority. The City of London Corporation is working to promote UK/US co-investment in early stage UK fintech. The Lord Mayor will be taking an outstanding delegation of UK fintech and venture capital firms, as a showcase of opportunity during his upcoming trip to San Francisco to further this work. 

Engaging with global markets
Continuing a programme of engagement stretching back over a decade, the Policy Chair visited Beijing to meet with a range of firms. Discussions centred on the UK’s compelling offer as a centre for risk management for multinational firms and as an investment opportunity for firms expanding their holdings internationally. The visit followed our release of a new report showing that London, the world’s leading offshore centre for renminbi, is trading record amounts of the currency.  

Providing financial services to the world
Another new publication drawing on ONS data shows that the UK remains the world’s leading provider of the financial services that our international partners need – with the largest trade surplus in finance and insurance of any country – at £63bn. 

We continue to be grateful for the support given to us by our partners in Government and in the City. If you think there are other opportunities to strengthen the City, please don’t hesitate to contact us at financial.services@cityoflondon.gov.uk

Kind regards,
Catherine McGuinness, Chair of the Policy and Resources Committee
Kind regards,
William Russell, The Rt Hon The Lord Mayor
Employment in the City
Providing financial services to the world
The UK exported a record high of £82bn last year - 28% of all services exports and 13% of total exports - it is by far the UK's largest export sector. Balanced against relatively small imports this means the UK remains by far the largest net exporter of financial services in the world with a trade surplus £63bn. 
Find out more
 
London RMB Business Quarterly
The London RMB Business Quarterly report highlights London's role as an offshore market for renminbi, providing most recent data alongside policy updates and commentaries from market participants. 
Find out more
 
Untapped Potential: Supercharging Green Finance in India
This report explores the barriers to flows of capital into viable green projects in India and the challenges that Indian companies face with raising finance. It makes recommendations are on what should change to remedy this. The report is an output of the City of London convened UK India Green Finance Working Group.
Find out more
 
If you are interested in attending one of our upcoming events please contact our team on financialservices@cityoflondon.gov.uk
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