The UK Government has been urged to press ahead with Brexit negotiations, prioritising securing a good transition deal over attempts to whittle down Britain’s divorce bill.
The comments come from London senior official Catherine McGuinness, who heads the Policy and Resources Committee at the City of London Corporation – the local authority for the City’s financial district.
According to Ms McGuinness, ‘posturing’ over Britain’s so-called Brexit divorce bill is delaying negotiations over the good transition deal so imminently needed by the UK’s financial sector.
“We have to have progress… We’re talking about jobs and the economy and ordinary people,” she said, amid warnings that the financial sector was facing a “cliff edge” in March 2019 unless a deal is abruptly agreed.
Ms McGuinness added that, for many reasons, a quick deal might be better than a perfect deal for the sector.
The comments come after the City of London Corporation estimated that approximately 9,770 UK finance roles are at risk, with Frankfurt currently receiving more business than any other European Union (EU) financial sector.
“They need to get on and agree, and in considering what they need to pay, to consider the fact that if you haggle out every last penny you might get the most perfect deal in the world but find you lose more because business has gone unnecessarily and your tax-take has gone down,” she said.
The most up-to-date reports suggest that Britain will be offering €20 billion (£17.6 billion) to fill the hole in the budget of the EU’s remaining 27 members.