25 April 2014
A legal assessment of the UK’s relationship with the EU: a financial services perspective
TheCityUK, the leading cross-sectoral body for financial and related professional services in the UK, is gathering evidence of the importance of the UK’s relationship with the EU including our industry’s view of how that relationship should develop to enable the UK to be part of a globally competitive Europe.
A study of the views of business leaders in our industry, The City Speaks, showed unequivocal support for the UK’s continued membership of the EU. Our survey of public attitudes to EU membership, The City Listens, made it clear how important the views of business leaders are in helping people decide about the EU. Finance for Jobs and Growth in Europe illustrated the role of financial services in delivering solutions to the policy challenges facing the EU. Analysing the Case for EU Membership sets out how the economic evidence stacks up.
This study by Clifford Chance LLP summarises the legal implications of different EU membership scenarios for the UK from a financial services perspective. Its message is clear: membership of the EU is essential for the UK’s success and for the ability of our businesses to compete in world markets.
It has been suggested that the UK could fundamentally change its relationship with Europe, but still maintain all the benefits of membership. This is not the case.
Continued EU membership is essential to this country’s economic wellbeing, but that does not mean that the status quo is good enough. Europe must reform and modernise if it is to better serve the needs of its 500 million people. TheCityUK is gathering evidence as a starting point in the reform debate; the next step is to use this evidence to show how Europe can be made increasingly competitive and successful.Download