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September 29, 2022
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Lord Mayor of London hopeful bureaucratic barriers won’t prevent Romanians from working in The City. Ambassador Brummell says UK has solid, special partnership with Romania and intends to develop it

“I want to believe the Romanians are able to come to work in London with minimum bureaucratic barriers to overcome, but also that the Romanians will welcome the Brits here”, City of London Lord Mayor Andrew Parmley told the conference called “The City of London as a financial centre after UK exit from EU” held in Bucharest at the seat of the National Bank of Romania.

“I realise the upcoming Brexit negotiations will be very difficult and challenging. This is why we, at the London City, have identified three requirements of the British Government to maintain the financial services sector strong for the entire Europe. First of all we must stay open to talented people from all over the world who have made the City their home and everything it is today. I want to believe that the young and smart Romanians will be able to come to work in the City of London with minimum bureaucratic barriers to overcome. Equally I would like to think that the Romanians too will welcome the Brits here. The way must stay open to benefit both sides”, said Andrew Parmley.

He added that another requirement would be for an agreement to be set in place with the EU, for London to stay close to the partners in the EU market.

In the third place, we would like to see a transition arrangement nailed at the start of negotiations to allow for changes to be implemented in such a way as not to affect companies and keep the capital market the EU wants free of shocks, said Andrew Parmley.

According to him, these three requirements will help London be the financial center Europe needs to help boost economic growth.

He mentioned that it’s in everyone’s interest that Europe’s most important financial and business center continues to be strong, and even if some jobs will leave London for the single market, it is important that The City does not feel other negative effects.

“If politics is more important than pragmatism in the future negotiations, and the City of London is considered a price in negotiations and not an asset that helps economic growth, then the result for us all will be 20 years of economic trouble and poorer results”, said Andrew Parmley.

 

Ambassador Brummell says UK has solid, special partnership with Romania and intends to develop it

 

British ambassador in Bucharest Paul Brummell told a conference called “The City of London as a financial centre after UK exit from EU” that the UK has a solid and special partnership with Romania, and the intention is to develop it more.

He said that the UK is not exiting Europe but the European Union. He added that Romania and the UK have a special and solid partnership, and UK’s intention is to develop this partnership even more. He talked about the ties of the two countries in the security and defence areas, an aspect reflected by the presence of 1,000 British servicemen who are conducting this year a training in Romania, alongside Romanian colleagues. He also mentioned the visits of Type 45, the most modern destroyer, to Constanta, as well as the RAF Typhoon aircraft, which is conducting air police missions at the Mihail Kogalniceanu Air Base. He also talked about the business ties, the record level of bilateral trade exchanges, with an annual value of approximately 4 billion euros and the extension of the new headquarters of the British-Romanian Chamber of Commerce in Cluj and Timisoara, an aspect that contributes to the development of the UK’s commercial mark outside Bucharest.

Moreover, the ambassador mentioned the Romanians working in the UK, including the ones working in financial services.

Paul Brummell stated, when referring to the Romanians working in financial services provided by the City of London, that they are extremely appreciated within the communities they are part of, just as the British people who are working in Romania are too. The Government in London published on Monday an offer regarding the citizens’ rights, with the intent of providing security to the 3 million of EU citizens who are working in the UK, placing people first within the negotiation for leaving the EU, he stated. The ambassador also talked about the role of the City of London in providing Romanian businesses access to top financial services they need to flourish.

He mentioned that the National Bank of Romania (BNR) also hosted an important event at the last visit of Lord Mayor of London in Bucharest, in 2010, when Romania, just as other countries, was fighting the effects of the financial crisis, and the oversight of the BNR helped Romania weather that stormy time.

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