City of London Corporation Policy Chairman calls for flipping of UK trade policy
Tonight, Chris Hayward, the Policy Chairman of the City of London Corporation, is set to address senior representatives from the financial and professional services industry at the annual Policy and Resources Committee Dinner. Hayward will share the stage with Sir David Lidington, Chair of the Royal United Services Institute for Defence and Security Studies (RUSI), a figure with a distinguished history in various governmental roles.
In a preview of his speech, Hayward emphasizes the historical significance of trade in expanding horizons, fostering business growth, creating jobs, and enhancing prosperity. He underscores the current dominance of services in the economy, contributing 81% to total gross value added and accounting for 85% of all jobs nationwide. Financial and professional services, positioned at the core of the UK economy, contribute significantly, generating £278 billion and £100 billion in taxes, constituting 13% of the Treasury’s entire tax revenues.
Hayward challenges the government to align trade policy with the contemporary economic landscape, urging a shift that prioritizes services alongside goods. He highlights the export of management consultancy services, emphasizing the need to celebrate and promote the global showcase of the nation’s talent and expertise.
Addressing the broader economic agenda, Hayward asserts that embedding services into the trade strategy is crucial for unlocking economic growth and productivity. He commends positive steps such as the Memorandum of Understanding on financial services, the Windsor Framework, and the restoration of power sharing in Northern Ireland.
In summary, Hayward advocates for a comprehensive approach to trade policy that recognizes and amplifies the strength of services, aiming for better trading relationships and frameworks to contribute to a more prosperous Britain. He connects this vision with the City’s proposal for economic growth, presenting it as a collaborative roadmap that could attract £225 billion in additional investment and unlock prosperity across the nations and regions of the UK.