Post-Brexit UK seeks stronger ties with like-minded economies like Hong Kong
Andrew Parmley says, as the UK redefines its partnerships after voting to leave the EU, London aims for ever closer collaboration with Asia’s leading financial centre, particularly in education and start-ups
There has been much debate about how the UK’s departure from the EU will affect London’s future. Yes, challenges remain. However, London, like the broader UK economy, has shown itself to be remarkably innovative, and adaptable over the years.
I am confident that London’s depth of talent, our attractiveness as a place to work and live, and assets like the English rule of law, language and our regulatory landscape will mean we remain the No 1 global financial centre.
A truck is driven by a “Leave” supporter through Parliament Square in London, two days before Britain’s EU referendum, last June 21. Photo: Reuters
My primary message is that the UK remains open for business and is looking to build ever stronger and deeper partnerships with like-minded centres like Hong Kong.
There are many ... ways in which Hong Kong and London can complement one another
In the financial sector, we have common cause in a number of emerging areas, ranging from financial technology (FinTech) to green finance, trade financing, cyber security and developing the offshore renminbi market. FinTech is booming in the UK, with over 44,000 jobs in the industry and a value at over £20 billion (HK$193.5 billion). There are already strong regulatory and governmental links here and some exciting proposals to deepen collaboration between the UK’s research and start-up scene, and Cyberport and the Applied Science and Technology Research Institute here.
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There are many other ways in which Hong Kong and London can complement one another, playing to the strengths of London as the world’s leading financial centre and Hong Kong’s as the channel for mainland investment amid a competitive Asian market.
There has been much debate in Hong Kong about how it can retain its place as a top financial centre. A lively debate is also taking place in London, and let me highlight the issue of attracting and retaining talent. One of my main requests of the British government in EU negotiations is that British businesses maintain access to talented individuals from across the world. This has been a key part of London’s success.
Winners of the Cyberport University Partnership Programme 2016, which serves to inspire the next generation in Hong Kong, last October. Ten winning teams were shortlisted as candidates of the Cyberport Incubation Programme to turn their business ideas into reality. Photo: Lorraine Wong
