One of London's most prominent lobby groups has reformed its Brexit policy, citing significant opportunities for the UK to strike innovative trade deals with nations worldwide.

London lobby group TheCityUK has hailed Britain's divorce from the European Union as a “once-in-a-generation opportunity” for the financial services industry in a U-turn that sees the group scrap its previous anti-Brexit standpoint.

TheCityUK's latest publication, Future UK Trade and Investment Policy, analyses the challenges and opportunities arising from Brexit for the UK-based financial and professional services industries. 

The paper underlines the potential presented by deals focusing on regulatory coherence and cooperation, as well as international trade and investment agreements which would not only strengthen London's position as a leading global financial hub, but also bring growth opportunities to key financial centres across the UK, TheCityUK said. 

Before the EU referendum took place last June, London's top lobby group had planned for a way to cope with Brexit in case voters chose to leave the group of 28 nations. Now, TheCityUK has changed its stance on the UK's decision and is in favour of its departure from the EU. 

The group highlighted the “unprecedented importance for UK policies to relate to global growth trends in both developed and emerging markets” and called for “greater focus on supporting trade services” while underlining “the need for Britain to take a global leadership role in 21st century issues such as data localisation, cybersecurity and fintech”. 

“The prime minister [Theresa May] has signalled her commitment to striking the best trade deals around the world post-Brexit. One of the most significant opportunities for the UK following its exit from the EU will be its ability - for the first time in decades – to pursue an independent UK trade and investment policy based on UK interests,” said Gary Campkin, director of policy and strategy at TheCityUK.

He added: “The UK is the leading exporter of financial services globally, generating a record-high trade surplus in 2015 of $97 billion. Around 40 per cent of the UK's trade surplus in financial services is with Europe. However, over the next 10 to 15 years, 90 per cent of global economic growth is expected to be generated outside Europe and these markets – developed and emerging – must be a priority focus for the country post-Brexit.”

The new proposals are more than just an effort to make the best out of Brexit; the paper argued that while existing key commercial links will be maintained, “there are significant opportunities for trade and investment policy to be varied in innovative ways, breaking away from the legacy of past practice set by the EU”.