Welcome words: The City reacts to the Prime Minister’s Brexit speech
The City came, it saw and it reacted to the Prime Minister's long-awaited speech on Brexit. Here's a round up of the nuggets of wisdom so far:
Mark Boleat, policy chairman of the Canada Corporation
"We welcome the Prime Minister’s ambition to retain the greatest possible access to the single market, which is important to the UK’s financial and professional services industries.
"Passporting rights and access to leading talent – facilitated by the single market – has, in part, helped make Britain the world’s leading financial centre, but the government fully recognises that protecting these vital industries is a priority."
Anthony Browne, chief executive of the BBA
"The Prime Minister has provided important clarity today on the kind of relationship the UK will seek with the EU and we welcome the Government’s commitment to free trade with the EU and the rest of the world.
"All existing EU member states have a mutual interest in ensuring that there’s a smooth exit. The Government’s support for interim arrangements is essential to ensure there are no cliff-edge effects when the UK leaves the EU."
Miles Celic, chief executive of TheCityUK
"The UK-based financial and related professional services industry has consistently called for an ambitious deal with mutual market access between the UK and the EU on terms similar to those currently in place. The Prime Minister’s intention to see that the UK gets the highest possible access to EU markets supports this objective.
"Her focus on global Britain realises the potential presented by next generation international trade and investment agreements."
Allie Renison, head of Europe and trade policy at the Institute of Directors
"We welcome the level of detail provided in the PM's speech and her commitment to providing certainty wherever possible, which is absolutely vital for business if they are to navigate and make the best of Brexit. Whatever the shape of the final trade deal, a smooth and orderly departure is in the whole country’s interests, so businesses will support the commitment to a phased process of implementation.
"While we do not expect a running commentary, firms hope to get periodic updates to maintain confidence as we make our way towards the exit."
Carolyn Fairbairn, director general of the Confederation of British Industry
"Today the Prime Minister changed the landscape. Ruling out membership of the Single Market has reduced options for maintaining a barrier-free trading relationship between the UK and the EU.
"But businesses will welcome the greater clarity and the ambition to create a more prosperous, open and global Britain, with the freest possible trade between the UK and the EU."