THE TRANSATLANTIC MAGAZINE
Catherine McGuinness, Co-Chair of the British American Finance Alliance, has written an Op-Ed highlighting the need for a new chapter in the 'Special Relationship' between the US and the UK.
Writing in City AM, McGuinness explains that although the Special Relationship is "usually considered in the context of foreign policy, with regards to bilateral financial service trade, it has certainly developed into something truly special — and something we should be grateful for as Thanksgiving approaches this week ... The scale is astonishing and worth reflecting upon. Financial services trade is worth a huge £22bn between us, with UK financial services exports to the US counting as the biggest single contributing factor to Britain’s trade surplus in services overall."
McGuinness goes on to identify the election of a new President, and the beginning of a new administration in American government, as the chance to "better understand how the Square Mile can work with a Joe Biden presidency towards common objectives, particularly around digital trade and fighting climate change — key opportunities for post-pandemic growth as we work on building a resilient and environmentally responsible global economy."
The British American Finance Alliance was relaunched in September 2020, and includes leading representatives from the US and the UK working in related professional service sectors. Members of the group include organizations from the US and UK, such as the US Chamber of Commerce, British American Business, The Law Society of England and Wales, the City of London Corporation, and others.
McGuinness concludes her Op-Ed by saying that "The special relationship is only as special as it is at any given moment. We cannot rest on our laurels. As we turn to this exciting new chapter in our trading history, it is vital that we strengthen our ever-evolving relationship to meet the global challenges we face today."
To read the full Op-Ed, go to www.cityam.com/time-for-a-new-chapter-in-the-citys-special-relationship-with-america.