Leading City think tank calls for Brexit bespoke deal ahead of chancellor Philip Hammond’s first Budget
A leading City think tank is calling on the chancellor to fight for a bespoke Brexit deal as he prepares to deliver his first Budget speech in less than a month's time.
TheCityUK's Budget submission notes a tailor-made deal with the EU "based on mutual recognition and regulatory cooperation that delivers similar market access rights to those currently in place" would not only be in the UK's best interests but also those of the other EU member states.
"Getting the right Brexit deal for the UK, the EU 27 and global stability – one that is orderly and provides as much certainty as possible – is fundamental to ensuring that the UK remains an attractive and internationally competitive place to do business, and so is ensuring the right policy environment to enable it to prosper," said Miles Celic, chief executive of TheCityUK.
Other requests the lobby group, which has previously campaigned to remain in the EU, has for Philip Hammond include securing a smooth transition period for Brexit with clear interim arrangements, boosting regional growth and increasing the competitiveness of the tax regime without introducing any sudden changes.
"Enhancing the clarity and competitiveness of the UK’s tax regime, bolstering national productivity and supporting innovation across the country should be key priority areas," Celic added.
Last month, a report from TheCityUK urged the government to treat Brexit as a once-in-a-generation opportunity to rejig trade deals to boost levels of trade and investment for the country.