Brexit and the City: Here are the names you need to know
As rumours circulate that Article 50 could be triggered towards the start of next year, many in London are more than a little curious as to what the City will look like post-Brexit and who will be fighting to keep their best interests front and centre during the course of the negotiations. Morning Wire profiles some of the likely key players in the upcoming negotiations:
POLITICS
Department for Exiting the European Union
Also nicknamed the Brexit department, this newly formed government department is headed up by David Davis, who holds the official title of secretary of state for exiting the European Union and sided with the Leave camp during the run up to the referendum. The department is known to be meeting with representatives from key business sectors to understand what’s most important to them.
Other ministers in the department: David Jones (minister of state), Lord Bridges of Headley (parliamentary under secretary of state), Robin Walker (parliamentary under secretary of state)
HM Treasury
The Treasury received something of a shakeup following the Leave vote, with long-standing chancellor George Osborne replaced by Philip Hammond. As former secretary of state for foreign and commonwealth affairs, Hammond would have likely played a role in the Brexit negotiations even in his old job. Hammond will be delivering his first Autumn statement on 23 November.
Other ministers: David Gauke (chief secretary to the Treasury), Jane Ellison (financial secretary to the Treasury), Simon Kirby (City minister)
Foreign and Commonwealth Office
Another government department which saw some changes to the top following the revelation of the Leave vote, with former mayor of London and outspoken Leave supporter Boris Johnson quickly being installed as secretary of state for foreign and commonwealth affairs.
Other ministers: Sir Alan Duncan (minister of state for Europe and the Americas), Baroness Anelay of St Johns (minister of state for the Commonwealth and the UN), Tobias Ellwood (parliamentary under secretary of state for the Foreign and Commonwealth Office (minister for the Middle East and Africa)), Alok Sharma (parliamentary under secretary of state for the Foreign and Commonwealth Office (minister for Asia and the Pacific))
Department for International Trade
This department is headed by Liam Fox, who was also appointed to his role as part of Prime Minister Theresa May’s maiden cabinet reshuffle and is another outspoken Leave campaigner.
Other ministers: Greg Hands (minister of state for trade and investment), Lord Price (minister of state for trade policy), Mark Garnier (parliamentary under secretary of state)
BUSINESS
Investment Association
The Investment Association, which has a new boss after Chris Cummings took up the role of chief executive earlier this month, is the trade body for the UK’s investment managers. Aware the sector is likely to have much to say as the finer details of Brexit come to light, the trade body set up a steering group shortly after the referendum result was revealed. This group is currently considering how it can best approach the technical issues which will come out of Brexit.
European Financial Services Chairman’s Advisory Committee
Fronted by chair to Santander UK and former Treasury adviser, Shriti Vadera, this lobby group has brought together some high-profile names from the financial world, including Barclays chairman John McFarlane, Aviva chair Adrian Montague and HSBC chair Douglas Flint. The group of City heavyweights sat down with the Treasury earlier this month, with passporting rights understood to be a key talking point.
TheCityUK
This lobby group for the City is now headed up by Miles Celic after Chris Cummings departed to the Investment Association and board members include Barclays bank chairman John McFarlane, Metro Bank chief executive Craig Donaldson and chairman of the policy and resources committee of Canada Corporation Mark Boleat. It was among one of the first to throw down a report touching on what the City would need post-Brexit, acknowledging the Leave decision heightened the need for already lingering issues to be addressed quicker.
British Bankers’ Association
This trade body for the UK’s banking industry, which represents around 200 banks headquartered across the world and is headed up by former journalist Anthony Browne, is likely to play role in the City’s lobbying efforts, but perhaps only for a while in its current guise. The organisation is due to be merging with the Council of Mortgage Lenders, Payments UK and the UK Cards Association shortly.
Association for Financial Markets in Europe
This trade body, which was formed in 2009 by the merger of London Investment Banking Association and the European arm of the Securities Industries and Financial Markets Association, calls former director of communications at Number 10, Simon Lewis, its chief executive. AFME has stated it is “ready to play a constructive role” in the UK’s process of departing from the EU.
Financial Services Negotiating Forum
This campaign group, which brings together those from both the Leave and Remain sides of the debate, is still in its infancy, not being due to formally launch until the middle of October. FSNForum, as it is known for short, is looking to draft “neutral, evidence-based research” on the negotiating hot topics over the coming months. FSNForum’s honorary advisory council will be chaired by Anthony Belchambers, chairman of the Industry Advisory Group of the All Party Parliamentary Group on wholesale financial markets and services and its members span both business and politics.
Confederation for British Industry
The Confederation for British Industry, or CBI as it is known for short, represents just shy of 200,000 businesses with former McKinsey partner Carolyn Fairbairn as director-general. The group publishes a steady stream of research, including a piece on the principles for the UK-EU negotiations back in July, and will meet for its annual conference in late November.