The London Assembly has put together a Brexit wish list in an effort to ensure the capital gets the best possible deal after leaving the EU.
The authority’s economy committee put together the report specifically focusing on the impact it could have on London’s financial and professional services sector.
Economy Committee chairwoman Fiona Twycross said: “The Mayor of London needs to keep banging the drum for the financial and professional services in London.
“He has set out a number of key asks to the government and the London Assembly Economy Committee broadly supports these.
The Brexit wish list summary
· Any new national immigration system should not automatically exclude people without concrete job offers – skills should be valued just as highly, as a skilled-based immigration system will be more successful and beneficial to London and the UK in the long term.
· London could consider developing its own visa system to allow skilled workers to live and work in the capital. Variations of regional work permits have been used in other countries, like China and Canada.
· The Mayor should continue to be a strong advocate for protecting the City, given its strategic importance as a high value asset for the whole UK economy. He should also explore the development of a skills strategy for the growing fintech sector.
Reference was also made to the size of London’s financial economy, with more than 250 foreign banks in the capital.
The sector relies heavily on the passport rights that come with being in the EU, with nearly 5,500 UK-registered companies using passports to access EU markets.
Fiona added: “We need the closest possible access to the single market when the UK leaves the EU and greater clarity on the status of EU workers is absolutely vital.
“London needs to retain and attract a talented and highly skilled workforce and a skills-based immigration system could be the answer.”
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