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The next Lord Mayor of the City of London admits his election comes at a "critical moment" for the Square Mile ahead of Britain's divorce from the EU.

The next Lord Mayor of the City of London admits his election comes at a “critical moment” for the Square Mile ahead of Britain’s divorce from the EU.

Peter Estlin, who will formally take the reins from Charles Bowman on 9 November, was made Lord Mayor-elect during Common Hall on 1 October, and described the City as a “national asset” as he surveyed the choppy waters he is poised to help navigate from next month.

“The UK financial and professional services faces a critical moment as we prepare to leave the European Union in March 2019,” he said.

“I will champion a focus through and beyond Brexit that maintains London’s role as a world leading financial centre and which ensures we remain open for business not only from the European continent but globally.”

Mr Estlin, 57, will take a sabbatical from his role as a senior advisor to Barclays to complete his year-long spell in office.

Most of his career has been spent in banking, initially as CFO for Salomon Brothers Asia, then CFO for Citigroup’s Investment and Corporate Banking divisions in New York and London.

He joined Barclays in 2008 as Group Financial Controller and has been CFO of the Retail & Business Banking and Non-Core divisions as well as Acting Group CFO.

During his Mayoral year, Alderman Estlin has pledged to build on the ‘Business of Trust’ mantra set out by Mr Bowman with his own ‘Shaping Tomorrow’s City Today’ agenda.

The programme has three key aspects: promoting innovation and technology, championing digital skills, and addressing social inclusion.

And while his agenda will guide his entire year, influencing international visits, ceremonial and state banquets, business and livery events, and charitable activities, a common denominator in all facets of his work will be Brexit.

He has already spoken on the matter, echoing comments made this week by policy chairman Catherine McGuinness.

“We are clear that both the UK and EU authorities should urgently tackle cliff-edge issues such as contract continuity, which could affect cross border insurance and pensions,” he said.

“Implementing a transition agreement and delivering a deal on the future UK-EU relationship which adequately covers the sector are also major priorities.

“Beyond Brexit, we need to make sure that the City rises to new challenges and opportunities. People and businesses across the UK need to be able to take advantage of new technologies and innovations to help themselves and drive economic growth.

“My ‘Shaping tomorrow’s City today’ programme will work to ensure that individuals and businesses are equipped to take advantage of this new digital revolution and ensure that no one is left behind by it.”

Mr Estlin will be aided in his duties by new sheriffs Alderman Vincent Keaveny and Liz Green, who were installed on 28 September. 

They succeed Alderman Timothy Hailes and Neil Redcliffe.

 

 

 

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