“Get Brexit done! The Brexit Agreement – described by many as “thin”- did this – but left it to others to work out exactly how. The EU then embarked on its smash and grab raid leaving the City wrong-footed.
Professor Daniel Hodson, a long-standing senior city figure and one of the very early start-up drivers behind Vote Leave, founded the CityUnited Project. Daniel has gathered an impressive array of city grandees who say that the Government must accept that the EU has in effect denied normal cooperation with the City and its associated financial services and action needs to be taken. The City represents the leading exporter of services in the UK and one of the powerhouse engines relied on by the Eurozone itself as well as by the wider European Economy. The CityUnited Project is not a passive initiative; it is a strong one, an assertive one.
The vision of the City United Project is a global City and UK financial services industry, serving the world and supported by a fair and competitive regulatory and taxation framework and the highest skills possible. “New opportunities are opening up to secure the City’s global leadership in regulation and product development,.” says Daniel Hodson.
Former EU Financial Services Brussels Commissioner, Lord Jonathan Hill, says that it is not in Brussels’ interests to allow London to continue to dominate the European Financial Market in the way it did before Brexit, inferring that “equivalence” could be now little more than a talking shop. However, he points to Financial Services work moving to Amsterdam, Brussels, Frankfurt, Paris and Dublin will probably mean that no one city will emerge as the outright EU Centre for financial services -and this should work to the UK’s advantage.
The role of financial services in generating employment in the City and regionally (including in Scotland, Wales and Northern Ireland) is more important than ever and can strengthen the Union.
Its Political Advisory Board includes
- Sir Bernard Jenkin MP (Chairman)
- The Rt Hon David Jones MP
- The Rt Hon The Lord Lamont of Lerwick PC
- The Rt Hon The Lord Hannan of Kingsclere
- Anne Marie Morris MP
We are currently firming up the Agenda which will see seek to cover the following in the time available:-
- What are the short, medium and long term goals?
- What lost ground can feasibly be recovered? Is it worth the effort – if so, exactly what sort of action will be taken?
- What collaborations in this crucial work can be expected?
- What should/will Government do to help?
- What can anyone listening to this story do to help?
What many will admire is that, on the face of it, this adhoc group of strong-minded and high-profile individuals are picking up an unexpected loose ball and running with it, unfazed by its sheer scale and importance and the undoubted and massive potential of success
Please see the CUP Strategic Framework for the Project below
We are delighted to welcome The Rt Hon Lord Lamont of Lerwick PC
The Rt Hon Lord Lamont of Lerwick PC, was a Cabinet Minister under Margaret Thatcher and John Major, and a member of the House of Commons for twenty-five years. From 1990 to 1993, He was Chancellor of the Exchequer at a particularly difficult time that included Britain’s exit from the ERM.. Many economists have attributed the economic stability and growth enjoyed by Britain in the ‘90s and thereafter to the tough policies introduced by him. Norman Lamont was Britain’s Chief Negotiator at the Maastricht Treaty and secured Britain’s non-participation in the euro, of which he remains a strong opponent and critic. As well as being a working Peer, he is a director of a number of financial companies. He was created a life peer in 1998. He was also a staunch and very visible supporter of the Vote Leave campaign.
Daniel Hodson is the Founder and Chairman of City United Project. From 2015 Daniel has been Director and Chairman, Compliance Committee OF Vote Leave. Daniel Hodson’s early career spanned both marketing and financial roles. He became Deputy CEO of Nationwide Building Society in 1989 and in 1993 was appointed CEO of LIFFE plc, a post held until 1998. Daniel has extensive experience as non-executive director of The Post Office, Rolfe and Nolan plc, Independent Insurance Group and the London Clearing House plc. He is a non-executive director of SVM Global plc and Chairman of BPLGlobal (Holdings) Ltd. He is also a former Master of the Mercers Company and Chairman of the Lokahi Foundation.
Dr Gerard Lyons is one of the UK’s leading economists. He has a portfolio of roles. His main focus is as Chief economic strategist and shareholder at the challenger wealth manager Netwealth. He is a Board Member of Bank of China (UK); a non-executive director of BGC (Europe); a senior fellow at Policy Exchange think tank; and sits on the advisory boards of Warwick Business School and of the Grantham Research Institute on Climate Change and the Environment at the LSE and Imperial College. During Boris Johnson’s second term as London Mayor, Gerard was his economic advisor and championed the London Living Wage and London’s global position. www.drgerardlyons.com
Andy Ross is CEO of CurveGlobal Limited which is interest rate derivatives venture launched in 2015 by the London Stock Exchange Group (LSEG) and a number of leading dealer banks: Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, J.P. Morgan and Société Générale, together with the Chicago Board Options Exchange. Their aim is to develop a competitive offering via London Stock Exchange plc’s derivatives market which has Recognised Investment Exchange status in the interest rate futures market, delivering lower transaction costs, and capital efficiencies through LCH.Clearnet, SwapClear’s recently announced interest rate portfolio margining solution. Please see www.curveglobalmarkets.com . Prior to this Andy was European Head of OTC clearing, and Managing Director of Morgan Stanleys’ European OTC clearing product in Europe. www.lseg.com › our-markets › curveglobal
Tom Bohills is the Founder of Chronos Law, a boutique technology law firm located in London. Tom Bohills is an experienced IP/IT lawyer who trained and qualified at one of the world’s top law firms and has since headed the legal department of two multi award winning UK FinTech companies. Chronos was founded to service the booming financial and regulatory tech sector in London. Its particular focus is on young to medium maturity technology companies in high growth mode. Its client base spans the full breadth of the UK (and European) Fintech scene – from fixed income to money markets through to one of the industry’s biggest data providers. Its long term anchor clients include Fintechs involved in AI driven wealth management, Open Banking and Regtech. www.chronoslaw.co.uk
About Devonshire House
Established in 1967, Devonshire House is a people-focused membership club for Director-level professionals in leadership roles who have an instinctive focus on the human side of Enterprise. Their aim is to create for their members thinking time and space for key business issues, and where people make the difference. In normal circumstances, Devonshire House runs about ten main Events each year – a mix of formal dinners, buffets, Directors Forums, Panel Debates, Panel Discussions, and networking – based Elbow Room Networking Events – personal networking Events that seek to get as close as possible to face-to-face meetings. They also organise some other specialist one-offs.
Charles Russam is Managing Director of Devonshire House Network Ltd and also Working Free Ltd. He established the first mainstream Interim Management Search firm in the UK in 1982 which he sold to the current management in 2014.
Please see www.DevonshireHouseNetwork.co.uk.
CUP Strategic Framework for the Project
Vision and strategic objective
- A global City and UK financial services industry, serving the world and supported by a fair and competitive regulatory and taxation framework and the highest skills possible.
The Project and its methodology
- Positive and forward looking
- Collaborative, working in complement with likeminded institutions, filling a current need for a coordinated City voice, representative of all its diversity
- Practitioner led and well informed
- Non partisan
- Distribution via key opinion formers, industry and political networks, mainstream and social media, webinars and responses to official initiatives
- Proactive and reactive, but focusing only on influenceable issues, generic and sectoral
Current leading topics
- Who speaks for the City’s future?
- The opportunities in international financial service partnerships and free trade agreements
- Developing parallel markets outside the EU’s protectionist walled garden
- Rebuttal of media misinformation
- Specific regulatory issues: attractive competitive markets, proportionality, accelerated implementation, welcoming approach
- Representing SMEs where appropriate
- Encouraging innovation
- Regions/Freeports/the Union
- Green finance and investment
- Firm, forward looking, representative and established representation of the City’s promotion and interests by the City political and institutional Establishment
- Satisfactory resolution of all outstanding major issues of concern