Russell is the 692nd Lord Mayor and acts as ceremonial head of the powerful City of London Corporation – an historic local authority.
It was revealed by City A.M. weeks ago that Square Mile firms were set to lose their current EU access on 1 January, with Brussels not planning on extending their “equivalence” arrangements with European markets.
This means UK financial services firms will have to rely on a patchwork of regulations that are mandated by individual EU countries, making it very difficult for major firms to operate throughout the bloc.
Many firms have already prepared for this possibility, with major banks setting up bases in EU cities such as Frankfurt.
Dodds said the government should have sorted out this issue long ago and that financial services should have been a part of negotiations in UK-EU trade talks.
A Treasury spokesperson said: “By bolstering the dynamism, openness and competitiveness of the sector, we will ensure the UK moves forward as an attractive and well-regulated market, leading the world in pioneering new technologies and shifting finance towards a net zero future.”