THREE EX-BARCLAYS BANKERS CONVICTED OVER LIBOR SCANDAL

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20 OPINION TUESDAY 5 JULY 2016 CITYAM.COM FORUM EDITED BY TOM WELSH Let’s embrace the new opportunities for prosperity Brexit has opened up ALTHOUGH we were on opposing sides of the Brexit debate, one the employment minister and the other an asset manager in London, there is one thing we are in absolute agreement on: Britain has opportunities ahead and there is a job to do to ensure the country becomes as great as it can be. We have no time to waste imagining what might have been. It’s time to get on and seize the day. We are not merely talking up Britain and reminding the world that the country is open for business: the UK has one of the most highly-skilled workforces in the world, opportunities for phenomenal growth from infrastructure to life sciences, the best research facilities, the greatest global brands, world-class business centres, and is one of the easiest places in the world to do business. We are highlighting the new opportunities that may be overlooked in the post-referendum vacuum. First, if you’re an exporter or have the potential to export, you have a once-ina-lifetime opportunity to take advantage of an oversold pound to boost your sales globally. For Britain, a trading nation, a boost in our exports will help balance our trade deficit but more importantly will create new British exporters and increase the sales and profitability of existing ones. Importers will have higher costs imposed on them for a time, and it would be glib to say there will be productivity gains as a result, but that is the opportunity. Of course we have to be mindful of employees and businesses concerned about uncertainty, but the best thing politicians can do now is to communicate a clear vision and plan of action, LONDON is, and always will be, open for business. Once, we were the world’s largest port – from which ships traded around the globe. Over the last century, we grew to become the world’s most competitive financial centre. And now, as we face the challenges thrown up by the result of the referendum on our EU membership, we must do all we can to ensure that, whatever may transpire, London remains the best place in the world to do business. Of course, the City’s reaction to the result of the referendum has been a negative one. Like the vast majority of my fellow entrepreneurs and business owners, it was a result that I did not want and one which I fought against. Now, however, we have to face up to reality. I have been offered the opportunity by our new mayor Sadiq Khan to play my part in ensuring that, come what may, we continue to thrive as a city. In my new role as deputy mayor for business, I am proud to have the chance to serve London’s and the best thing businesses can do is to act on opportunities that have opened up in this new environment. The support that was available from government agencies before the vote still exists – please use it, whether as a member of the workforce or a business person. Brexit must also be used to establish global trading connections with fastgrowing markets to enhance our future prosperity. More than that, our liberal free trading instincts should see us become a confident and assertive proponent of global free trade in international fora such as the World Trade Organisation. We are already seeing our friends in the Anglosphere sending us positive messages on future trade deals, and it is clear that the US wants us at the front of the queue rather than the back. Leaving the EU presents opportunities to succeed in a globalising economy, and efforts to beef up our trade negotiation capability must be made to enable us to capitalise on them. As a beacon of global free trade and enterprise, we should go into our negotiations with the EU with confidence that we can achieve fair terms of withdrawal. Securing a continuation of tariff-free trade between the countries of the EU and the UK should be the utmost priority for negotiators in Whitehall, Brussels and other capital cities across Europe. As the German equivalent of the CBI has made clear, trade is mutually beneficial and resentment over the UK’s withdrawal from the EU should not stand in the way of doing what is best for business and consumers. The stock market falls will give those fortunate enough to be part of our shareholding democracy a chance to buy great British companies at a huge Priti Patel & Alpesh Patel We are already seeing our friends in the Anglosphere sending us positive messages on future trade deals, and it is clear that the US wants us at the front of the queue rather than the back discount. There is no way our cash-rich international banks are suddenly worth 40 per cent less than they were a week ago. Time and again, patience favours the brave. Panic usually means overselling and an opportunity for those on the ball. At the other end of the economic scale, if you’re disillusioned, fed up with limited opportunities, and yours was a protest vote, don’t forget all the government programmes for retraining and reskilling. Use them. The New Enterprise Allowance has seen 85,000 business community, 15 years after I arrived at Heathrow from India with £200 in my pocket and instantly felt welcome in the city I now call home. Sadiq and I are clear that, as the driving force of the UK’s economy, London must have a seat at the decision-making table for the process of negotiation with the EU. Within that discussion, first and foremost, we will seek to protect our access to the Single Market and passporting, which have long been central to London’s appeal as a base for financial and professional services. Sadiq will be pressing the new Prime Minister, whoever he or she may be, and the EU to reach agreement on this key principle as soon as possible. While we go about that process, writing as a businessman to other businesspeople, I ask for your support and confidence. Working together, we can keep London open for business, and keep it leading in the world. This is no time for knee-jerk decisions, and I know that our international businesses, and their leaders, will share in my aim of keeping the ship steady as we enter choppy economic waters. At the same time, we must not lose sight of the rich economic opportunities that lie ahead. Today, and increasingly in the future, our tech sector is a beacon. We are a leading player in fintech – and through the platforms and opportunities that this sector, and other parts of the tech landscape, are creating, London’s businesses will find new ways to trade with the world. Just yesterday evening, Stripe, a $5bn Silicon Valley startup, opened its new flagship office in our own Silicon Roundabout – a company offering a new solution for British firms to access a global marketplace, businesses launched by jobseekers since it was unveiled in 2011, for instance. And in the future, without EU prohibition on state subsidies, the government will be able to support businesses suffering from short-term decline with financial assistance. In the wake of the vote, we are redoubling our efforts to bring more global investment into all parts of the United Kingdom by getting the message out around the world about the new opportunities emerging in Britain. If you’re an overseas investor, you’ve got a once-in-a-lifetime chance to invest in Britain at bargain prices because of the exchange rate. By investing here, you also tap into a hugely talented workforce, some incredible intellectual property, and facilities for world-class R&D. Our vision is to make doing business in Britain easier than in any other country, creating more growth and more jobs. All sides of the debate know this is a worthy goal. And if you want to see this at work in its early stages, look at the positive comments in the Indian press about the prospects for a future trade deal with Britain outside the EU. India is one of the largest investors in Britain, and deepening our ties will hugely benefit both of our economies. We need a calm, stable, open and balanced economy in which all sections of society share in our prosperity. To achieve this, both politicians and business must move forward with a common vision to make the most of the opportunities that are opening up for Britain outside the EU. £ Priti Patel MP is minister of state for employment. Alpesh Patel is chief executive of Praefinium Partners, a UKbased global asset manager. London needs a seat at the decision-making table to make Brexit work for the capital Rajesh Agrawal looking optimistically forward. This is just one example of the opportunities that exist, and will always exist, for entrepreneurs, homegrown or international, in this great city. Further opportunity lies in the devolution of fiscal and other powers to London. With such powers, we can do more to protect our economy from the uncertainty that lies ahead, to ensure a greater supply of homegrown talent with the skills that our businesses need, and to deliver the infrastructure that will boost our competitiveness. Above all, as deputy mayor for business I will be a voice for entrepreneurs and for business leaders in City Hall. Working together with Sadiq, who will be the most pro-business mayor London has ever had, we will ensure that the concerns and priorities of our great business sectors are at the forefront of decision-making and planning, and that London remains open for business. £ Rajesh Agrawal is London’s deputy mayor for business. DEBATE Q: With Nigel Farage off the scene, will it be easier to reach a compromise with the EU on free movement? Rachel Cunliffe YES Nigel Farage posed in front of a Brexit poster featuring a road of migrants with the caption “Breaking Point”, in what has become an iconic image of the campaign. He has blamed immigrants for everything from the strain on the NHS to traffic on the M4. And after his stunt in the European Parliament last week, where he insulted and belittled MEPs, no one in the European Union wants to work with him. With Farage away from the table, the new Prime Minister can get on with negotiating a deal on free movement that works for the majority of the British people, not just those who shout the loudest. That means security for the EU migrants already here, and for the 1.2m British nationals living elsewhere in the EU. The government will have more freedom to compromise on immigration in exchange for access to the Single Market, prioritising the economy over alarmist fears about border control. Let’s just hope that Farage sticks to his promise to stay away. £ Rachel Cunliffe is deputy editor of CapX. Tim Bale NO Nigel Farage has a fair claim to being the country’s most influential politician of the last decade. The pressure his party exerted on the Tories forced David Cameron into a referendum which he never wanted but now looks set to change the course of the UK’s economic, political, social and diplomatic history. Not bad for someone who never even managed to get elected to parliament. But his resignation as leader won’t make it any easier for whoever takes over as PM to persuade EU member states that we should retain full access to their market without granting their citizens access to ours. They don’t owe us a living, so why allow us to free ride? Meanwhile, back at home, does anyone seriously think Farage will happily fade into obscurity? He’s a populist attentionseeker who’ll doubtless carry on claiming we can have our cake and eat it. And anyway, his successor will be just as determined to hold the government’s feet to the fire on migration. £ Tim Bale is professor of politics at Queen Mary, University of London.
CITYAM.COM TUESDAY 5 JULY 2016 OPINION 21 WE WANT TO HEAR YOUR VIEWS › E:theforum@cityam.com COMMENT AT:cityam.com/forum LETTERS TO THE EDITOR The Brexit truth rarely mentioned [Re: Stop dithering: We must leave the EU asap, yesterday] The article you published by Lord Owen and Lord Lawson was clearly not written by anyone with hands-on professional banking experience. I would merely underline the points made repeatedly by Mark Boleat in your paper that “passporting” into the Single Market is essential for the City’s huge financial services sector. This is a far more important aspect of the Single Market than questions of tariffs and was not mentioned at all in the rather simplistic analysis. It is for lemmings rather than senior retired politicians to take up the slogan “stop dithering!” Nicholas Maclean Lord Lawson and Lord Owen propose a route to Brexit that would lead to the greatest chaos. They are correct that remaining in the Single Market will limit our ability to embrace the upsides of Brexit. But the short-term shock to the economy would be catastrophic. Name withheld Convenient excuse [Re: George Osborne ditches plan to run a budget surplus] Now we know why David Cameron and George Osborne fought such a pathetic Remain campaign: Osborne must have known for months that there soon must come his embarrassing admission that he could not deliver on his personal promise to eliminate the budget deficit. But Brexit has now meant that he can put the blame for this failure on to someone else. John F Davenport BEST OF TWITTER If Theresa May wins, all senior Leave campaigners will be further from actual political power than before they won the referendum vote. Odd. @DavidAllenGreen Lawyers try to block Brexit is obviously politically toxic to pro-EU cause. Forms part of a broader lack of Remain self-reflection on why defeated. @sundersays Always said if you didn’t want Farage as a political leader, vote leave. @MrRBourne Without Nigel Farage, there would not have been an EU referendum. If he had been the Leave campaign’s face it would have definitely lost. @montie PMI shows UK construction output falling at fastest rate since June 2009. @WilliamsonChris Schaueble: “We have to stop playing the usual European and Brussels games. EU is facing an acid test, perhaps the greatest in its history.” @NinaDSchick Fintech can thrive outside the EU – if we remain in the Single Market THE result of Britain’s EU referendum shocked many in the business community. It has left the country with a caretaker government, an opposition in disarray, and no clear roadmap for a post-Brexit UK. In March, we surveyed our startup members on Brexit and found that 80 per cent supported Remain. This was consistent with many surveys from the business community and the position taken by both the City of London and the new London mayor. But 52 per cent of people in the UK voted to leave the EU. We must respect this and move forward. It is now time to start filling the vacuum left by our unpreparedness for the outcome of the vote, and start the work of securing our new future in Europe. Innovate Finance spent last week listening to the government, our community, and the global fintech ecosystem. We also surveyed our 250 fintech startup members and financial institutions to discover their priorities for fintech in a post-Brexit UK. The number one priority is clear: we must retain access to the Single Market, financial services “passporting”, and to fintech talent. On top of this, we must do everything we can to continue to attract investment and liquidity, the lifeblood of a startup, especially in its earlier stages. London is the undisputed number one financial services centre globally, and the number one fintech hub in the world. With tenacious and energetic representation and negotiations, we can keep this position, and that is our message to government and the global community. Not all of our fintech membership Lawrence Wintermeyer will be impacted by Brexit. Domestic UK plays like peer-to-peer lending, crowdfunding, and challenger banks are largely unaffected, and there will be little impact on global money transfer and domestic personal financial services fintech firms. But the impact becomes more apparent as firms grow their businesses outside of the UK into Europe to access the much larger Single Market of over 500m consumers, businesses, and capital markets. Fifty per cent of our member firms are currently authorised to “passport” into Europe. While the fintech community appreciates a new government will need to interpret the vote of the people into a Brexit roadmap, the probability of any government taking the UK out of the Single Market appears lower than higher at this juncture. So let us begin the Brexit negotiations on a positive note. Given our almost 50/50 goods export and import trade relationship with Europe, and over 40 years of financial services integration and harmonisation, it is in our mutual interests to expedite this to everyone’s benefit. Though investment slows in times of uncertainty, the signs of recovery in stock markets and the business community’s unity around not relinquishing access to the Single Market is :@cityam starting to rebuild lost confidence. Venture investors are committed to UK fintech and will continue to support their portfolio companies while assessing the post-Brexit landscape, as will corporate venture capital funds and financial institutions, all of which have invested heavily in fintech over the last year. But in fintech, both capital and talent are global and are the two key ingredients of success. Over 30 per cent of our founders and chief executives are not from the UK. Britain must continue to secure access to global STEM talent for fintech’s continued success. Financial institutions are keeping a cautious eye on developments but no one is moving anywhere quickly. While European banks are more sanguine than their UK counterparts, most top tier UK banks have global networks and will not react hastily one way or another. This is even more true for US top tier banks, as they will “passport” in any European country they chose to. Fintech has become an enabler for financial institutions seeking to transform their customer propositions and heritage technologies through digital innovation – and this is not going to stop. Ultimately, Britain’s fintech sector must remember its inherent strengths. Thanks to the FCA, Project Innovate, the Regulatory Sandbox, and the upcoming Industry Sandbox blueprint, the UK is still the number one fintech hub on the planet to accelerate your route to market in the UK and in Europe. £ Lawrence Wintermeyer is chief executive of Innovate Finance. 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THREE EX-BARCLAYS BANKERS CONVICTED OVER LIBOR SCANDAL

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