Investment Association comments on the EU Council Summit

Friday 20th October

Commenting on the outcome of the EU Council Summit, Chris Cummings, CEO of the IA said:

“We are pleased to note the EU27 members have agreed that they will start their own trade talks to prepare for discussion with the UK. Although some progress has been made, it is crucial that the talks urgently step up a gear so that phase two of the negotiations can commence in December. Many businesses will soon be deciding whether to enact their contingency plans - if they haven't already. Firms need clarity over what will happen after March 2019 and beyond, and that starts with agreement over a transitional period to avoid a cliff-edge effect. Savers and pensioners across the EU entrust hundreds of billions of pounds of their money to be managed in the UK every day - certainty over the future is squarely in their interests”

For further information, please contact:

Helen Ayres
Media Relations Manager
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T +44 (0)20 7269 4620
M +44 (0)7508 724 066

About the Investment Association:

• The IA champions UK asset management, supporting British savers, investors and businesses. Our 240 members manage £6.9 trillion of assets and employ 93,500 people across the UK
• Our members manage the pensions of 75% of UK households, provide 60% of capital market financing for UK businesses and fund 40% of initial public offerings of shares.
• Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
• Our purpose is to ensure investment managers are in the best possible position to:
  • Build people’s resilience to financial adversity
  • Help people achieve their financial aspirations
  • Enable people to maintain a decent standard of living as they grow older
  • Contribute to economic growth through the efficient allocation of capital
• The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
• The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.