A new and closer relationship between the UK and Germany was expected to be a core theme of Economic Secretary Andrew Griffith’s visit to Berlin yesterday.
As part of the long-planned visit, the Minister hosted a breakfast roundtable with German financial services and banking chief executives.
He also made a keynote speech to senior industry leaders in the financial services conference – Finanzmarktklausur - before meeting his government counterparts.
The Minister made the case for close cooperation in financial services between UK and Germany following the progress made with the Windsor framework and said: “The Windsor Framework, something many said couldn’t be done, shows what we can achieve when we put our minds together.
“It provides solutions that help with the practical implementation of the Protocol, supports trade between Great Britain and Northern Ireland, and offers a sustainable solution that will be in the UK's economic interest. In financial services, the Treasury stands ready to continue conversations with our European partners on enhancing regulatory cooperation.”
The Minister also underlined the UK’s enduring commitment to high standards of financial services regulation, saying on the financial services sector: “Let me be completely clear, we do not want, in any way, to deregulate for the sake of deregulation. And in no way will we put European financial stability at risk. It would not benefit anyone to do so.
“We are partners in all of the main international financial bodies – the FSB, the IMF, the World Bank, the Basel Committee on Banking Supervision, OECD, G7 and G20, Committee on the Global Financial System, the International Association of Insurance Supervisors and the International Association of Deposit Insurers (IADI), to name a few.
“In these forums, and others, Germany and the UK are often aligned in seeking to reinforce cooperation, such as addressing the emergence of new standards like those of the International Sustainability Standards Board. The City of London’s success is, in addition to our language, legal system and skilled workers, down to our high regulatory standards.”
The Minister is expected to visit other European capitals in the coming weeks and months as part of the UK government’s longstanding commitment to broaden and deepen relations in financial services between the UK and EU counterparts.
