LMG workstream outlines new trading opportunities for London Market
The London Market Group (LMG) has been working with the UK Government to develop new trading opportunities for the London Market, including influencing talks between the UK and US, working on a new regulatory arrangement for Swiss insurance, and promoting Sharia-compliant products in the Middle East.
The business environment workstream, a close collaboration between the LMG and UK Government, seeks to promote the London Market as an attractive market for foreign investments, supporting its next phase of growth.
According to a new progress report released by the LMG, the initiative has had a "considerable influence in shaping UK trade policy" on its target markets, as well as succeeded in building confidence in the London Market for delivering its policy objectives and innovative solutions to deepen trade ties.
The LMG stated that progress has been made in its priority markets such as North America, Switzerland, ASEAN, Brazil and the Middle East.
It is said to be playing a central role in influencing negotiations between the UK and US after being asked by Ministers to be part of the Government’s Financial Services Expert Trade Advisory Group.
In Switzerland, the LMG is working with the Treasury on a new regulatory arrangement for Swiss insurance that has secured support in Parliament.
The group is also a part of a trade delegation to Indonesia and Malaysia alongside the Lord Mayor of London. It recently conducted a virtual roundtable with major businesses in Indonesia to promote the value of London’s cyber insurance offer.
London Market Group member associations have been involved in the development of a Department for International Trade promotional document highlighting the recent regulatory changes in Brazil. It is supplying the UK Government with in-depth market analysis to support its engagement with Brazil to encourage greater market access for UK firms.
Lastly, in the MENA region, the LMG has been working on promoting the work of London Market firms that provide specialist Sharia compliant cover, including the production of a promotional brochure.
Commenting on the updates, Sean McGovern, sponsor of the Government workstream said: “We will continue to shape the Government’s approach to third country trade through our membership of the Financial Services Expert Trade Advisory Group and governmental and parliamentary activity, drawing attention to the London Market as a major export industry that can support the UK Government’s trading ambitions.
“We also want to maintain momentum with campaigns to promote market innovations and ensure that the UK Government positions the London Market as an attractive market for foreign investment. This includes our long-standing campaign to reintroduce an international competitiveness duty, fostering a domestic captive insurance market and taking advantage of the next phase of the Treasury’s regulatory review and the Financial Services legislation which we expect to see next year.”
