The London Market Group (LMG) is working with the UK Government to seek new trading opportunities to drive the London market’s next phase of growth.
As part of the progress, Sean McGovern, a new sponsor of the Government workstream, revealed that work is being done to maintain momentum with campaigns to promote market innovations and ensure that the UK Government positions the London Market as an attractive market for foreign investment.
McGovern said: “This includes our long-standing campaign to reintroduce an international competitiveness duty, fostering a domestic captive insurance market and taking advantage of the next phase of the Treasury’s regulatory review and the Financial Services legislation which we expect to see next year.”
Elsewhere, LMG said that in North America it is “playing a central role in influencing negotiations” between the UK and US after the group was asked to be part of the government’s financial services expert trade advisory group (FS ETAG), which is advising HM Treasury and the Department for International Trade on US-UK negotiations.
LMG outlined how they are working with HM Treasury on a new regulatory arrangement for Swiss insurance which has secured support in parliament.
The report said LMG was invited by Rishi Sunak, chancellor of the Exchequer, to attend the virtual signing of the June statement committing both nations to negotiate a bilateral financial services agreement.
The group also joined the industry day of the financial dialogue in September to present their solutions to its Swiss counterparts.
LMG explained that it was part of a trade delegation to Indonesia and Malaysia alongside William Russell, the Lord Mayor of London in order “to promote London’s unique offer, meeting with Ministers, regulators and businesses”.
The group also stated that it “continues to engage with in-country UK Government officials, members of parliament, the UK-Association of Southeast Asian Nations (ASEAN) business council and the British Chamber of Commerce.”
LMG also noted its progress with Brazil, explaining that it is supplying the UK Government with “in-depth market analysis to support its engagement with Brazil to encourage greater market access for UK firms”.
LMG member associations have been involved in the development of a Department for International Trade promotional document highlighting the recent regulatory changes in Brazil.
In the Middle East and North Africa (MENA) LMG has helped promote the work of London Market firms that provide specialist Sharia-compliant cover, including the production of a promotional brochure.
Commenting on LMG progress so-far, McGovern said: “We’ve already enjoyed considerable influence in shaping UK trade policy on our target markets and succeeded in building confidence in the UK Government that the London market is a valuable partner in delivering its policy objectives, whether advising on the technical aspects of the negotiations or providing innovative solutions to deepen trade ties.”
He continued: “We will continue to shape the government’s approach to third-country trade through our membership of the FS ETAG and governmental and parliamentary activity, drawing attention to the London market as a major export industry that can support the UK Government’s trading ambitions.”
