What is the City of London doing to prepare for Brexit?

The Lord Mayor of London, Peter Esslin, is on a significant visit to Cape Town, Johannesburg, and Nairobi this week, as the UK government aims to become Africa's biggest G7 investor amidst the looming Brexit uncertainties. The Lord Mayor's tour is strategically planned to enhance engagement with two of the continent's major economies in preparation for the upcoming UK Africa Investment Summit scheduled for January. In an exclusive interview with CNBC Africa, the right honourable Lord Mayor of the City of London, Alderman Peter Esslin, shed light on the purpose of his visit and the importance of strengthening ties with African nations. The Lord Mayor's role dates back to 1189, and he is the 691st official to hold this prestigious position. His primary focus is to promote the financial and professional services industry of the city, while also emphasizing the importance of fostering technological innovation and global partnerships. The visit to South Africa is part of a longstanding tradition, aimed at exploring new investment opportunities and driving economic growth on a global scale. Lord Mayor Esslin acknowledged the significance of Africa as an investment destination, recognizing the untapped potential and myriad opportunities present on the continent. He highlighted the need for increased investment in Africa, underscoring the benefits of fostering stronger business relationships and capitalizing on the continent's economic prospects. Despite the longstanding business ties between the UK and Africa, there is a growing emphasis on expanding and diversifying these partnerships, especially in light of the Brexit developments. Brexit has undoubtedly cast a shadow of uncertainty over the UK's economic future, prompting a closer look at international collaborations and investment opportunities. Lord Mayor Esslin emphasized the ongoing innovation and growth in sectors like fintech, which are driving job creation and capital inflow into the UK. However, he stressed the importance of expanding this innovation globally, highlighting Cape Town as a hub for technological advancements in Africa, and advocating for increased collaboration between London and Cape Town-based enterprises. The looming Brexit deadline has raised concerns about the UK's future relationship with the EU and its potential impact on businesses and trade relations. As the UK Parliament grapples with evolving Brexit scenarios, the business community is keen on securing a deal to mitigate uncertainty and preserve economic stability. Lord Mayor Esslin reiterated the city's preference for a negotiated agreement, emphasizing the adverse effects of prolonged uncertainty on businesses and individuals. Addressing the complex Brexit negotiations, Lord Mayor Esslin explained the intricacies of the withdrawal agreement and the challenges associated with unwinding decades of economic integration. While the UK government has expressed a willingness to strike a deal, the dynamics of EU-UK negotiations remain uncertain, underscoring the intricate nature of reaching a mutually beneficial agreement. The City of London's outreach to African nations, including South Africa and upcoming visits to Nairobi, reflects a strategic effort to bolster economic cooperation and investment opportunities. Despite the uncertainties surrounding Brexit, the Lord Mayor reiterated the city's commitment to fostering mutually beneficial partnerships and accelerating infrastructure development in Africa. The focus remains on capitalizing on the continent's growth potential and leveraging London's financial resources to drive inclusive growth and prosperity. In conclusion, Lord Mayor Esslin emphasized the importance of collaboration and partnership in addressing global challenges and advancing sustainable investment practices. The visit to South Africa serves as a testament to the City of London's commitment to expanding its global footprint and forging lasting economic ties with key African economies.