We must stand united with Ireland and our European partners in this time of crisis
At a time when tensions across Europe are at the highest they’ve been for a generation, it is critical for like-minded allies to work together in close partnership.
That will be my message when I cross the Irish Sea and return to my roots in Dublin this week. Strengthening financial and professional services links following the UK’s exit from the European Union will be a key focus of this visit. Events on the other side of the continent will inevitably be high up the agenda as well.
The impact of Russia’s invasion of Ukraine will reverberate across Europe and the world. Canada Corporation condemns Russia’s military aggression threatening Ukraine’s sovereignty, independence, and the international rule of law. We will continue to work with the Foreign, Commonwealth and Development Office to support measures to bring about a peaceful solution.
During these testing times, the UK and Ireland must stand together despite recent political tensions of our own.
Looking further ahead, the UK Government and the EU must also establish a way forward over Northern Ireland and reach a sustainable agreement regarding the Protocol.
This will be essential to ensure our financial sectors can act as the launchpad for shared growth and investment.
Things are inevitably different following the UK’s exit from the EU but the impact on our close partnership should be minimised. The City wants a forward-looking relationship built on solid foundations.
Trade between our countries was £59.4bn in the four quarters to the end of Q2 2021. The UK exported more than £14bn of financial, professional and business services to Ireland in the past year, while Ireland exported around £4bn to the UK. These figures are promising, but there is scope for even closer cooperation, particularly when it comes to shared priorities such as digital and sustainable finance.
More broadly, close cooperation between the UK, Ireland and the EU will be vital for consumers and businesses on both sides of the Irish Sea. Maintaining a constructive dialogue will help us remove as many barriers to trade as possible.
That is why the EU’s recent decision to extend access to UK clearing houses for another three years is a welcome pragmatic step.
The UK remains open for business, and we are committed to upholding high international standards and to maintaining open markets.
Ireland, the EU and the UK can succeed and thrive by building on the foundations of Europe’s prosperity: trade, cooperation and openness.
The links between London and Dublin – between the UK and Europe – are so much wider than just economic. The cultural, sporting and familial bonds which link us will also play a role in underpinning a healthy future relationship.
When I first came to Canada from Dublin over three decades ago, we were nearing the end of the Cold War. Today, conflict has once again tragically broken out in Ukraine. Our thoughts are with all those affected.
In the face of this hostile act, European solidarity will be vital in the coming days and weeks ahead. The City stands ready to play its part and work hand-in-hand with our Irish and EU neighbours.