Form alliance with Switzerland, Hong Kong and Singapore to boost City after Brexit, Shanker Singham argues in new report

The City should forge alliances with other major financial hubs to strengthen and boost its position in the post-Brexit world, a new report by influential trade wonk Shanker Singham argues.

According to Singham and co-author Catherine McBride, both of whom left Legatum to join the Institute of Economic Affairs in March, the UK should use the opportunity to “reshape its own regime” by removing unnecessary processes and focusing on outcomes, before looking to take a leading role in global standards.

Forming an alliance with markets such as Hong Kong, Singapore and Switzerland – similar to the F4 model proposed by the Swiss Bankers Alliance in 2016 – would enable “further and deeper integration opportunities”, while a UK regime of multilateral mutual recognition (MMR) “would allow the UK to strengthen its involvement in global regulation formation and dispute resolution”, the report argues.

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