09 Jul

AUSTRALIAN BRITISH CHAMBER OF COMMERCE AND THE CITY OF LONDON CORPORATION LAUNCH NEW REPORT: ‘BUILDING A BRIDGE: BOOSTING TRADE LINKS WITH AUSTRALIA AND NEW ZEALAND FOR UK FINANCIAL AND PROFESSIONAL SERVICES”

On Tuesday 3rd July, 2018 the Rt Hon Lord Mayor of London, Alderman Charles Bowman launched the report “Building a bridge: Boosting trade links with Australia and New Zealand for UK financial and professional services”.

The report, commissioned by the City of London Corporation and written by International Investment Services was developed in collaboration with the Australian British Chamber of Commerce (ABCC) and its members. 

“The Chamber is delighted to support International Investment Services and the City of London Corporation with this report”, said David McCredie, CEO of the ABCC.

“We are seeing a lot of initiatives between Australia and the UK that seek to strengthen our trading relationship. The recently announced Australia-UK Fintech Bridge, the ABCC Fintech and Cyber delegation to London, and the future negotiation of a Free Trade Agreement all offer great opportunities to build on the content of this report and further business links between the two countries”.

The report identifies five key recommendations for UK policymakers and regulators that would improve financial and professional services (FPS) companies’ access to opportunities in Australia and New Zealand (A&NZ):

  1. Build on existing regulatory overlap with selective mutual recognition to expand FPS trade and investment;
  2. Improve the visa environment to suit the dynamics of FPS firms looking to trade between the UK and A&NZ;
  3. Provide ‘landing pads’ for scalable FPS small and medium-sized enterprises to access trade opportunities;
  4. Review financial support for innovative FPS small and medium-sized enterprises investing in export market development to reduce cost and risk; and
  5. Attracting FPS global headquarters by streamlining HMRC services and enhancing Enterprise Investment Scheme and Seed Enterprise Investment Scheme for FPS small and medium-sized enterprises.

The report was developed in consultation with industry, drawing on surveys with 127 businesses and 45 in-depth interviews with decision-makers, executives and entrepreneurs.

The report builds on previous research titled ‘From strength to strength’ which highlights the growing FPS opportunities in A&NZ in fintech, cyber security and asset management.  

To view the reports “Building a bridge” and “From strength to strength” please visit https://www.cityoflondon.gov.uk/business/economic-research-and-information/research-publications/Documents/building-a-bridge.pdf

The Australian British Fintech and Cyber Catalyst is an annual programme put together by the Australian British Chamber of Commerce to support the connectivity of the ecosystems in the UK with Australia. This year 60 delegates from fintech, cyber security, regtech, regulators, financial institutions and government have gathered for a four day programme in the UK, from 2-5 July 2018.           

Contact details:

Lucy Parrish- Australia British Chamber of Commerce
lparrish@britishchamber.com  www.britishchamber.com

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