City lobbying group forges path to post-Brexit future

The City's top lobbying group has drafted in consultants to help forge a vision for Britain's financial services industry outside the EU single market.

Sky News understands that TheCityUK has appointed PricewaterhouseCoopers (PwC) to draw up a blueprint for the future of the industry, even as it wrestles with uncertainties arising from Theresa May's pledge to embark on a so-called 'hard Brexit'.

The report, to be published later this year, will be among the most important pieces of work carried out by TheCityUK since the group was established seven years ago, according to insiders.

PwC's mandate will be to outline a vision for the industry's role in securing the UK's long-term future and the contribution it makes to the UK economy, and will identify specific recommendations to help deliver it.

The move to explore a positive analysis of the City's future outside the EU follows criticism by supporters of Brexit that the financial and professional services industries have been too bearish about the outlook for a key engine of the UK economy.

Deloitte, one of PwC's biggest competitors, has been barred from bidding for Government contracts for six months following a row over a memo written by one of its partners which criticised ministers' preparation for formal Brexit negotiations.

Last week, TheCityUK called for a "bespoke agreement" for the financial services sector based on the principle of regulatory equivalence - which represented a subtle but important departure from its earlier demands for continued access to the EU's passporting regime.

Miles Celic, TheCityUK's chief executive, said: "In her speech yesterday, the Prime Minister called for a more global Britain.

"We support that ambition.

"This report will set out our recommendations for how the UK-based financial and related professional services industry can play its part in contributing to and underpinning future prosperity and success across the UK."