Philip Hammond seeking a 'bespoke' deal for the City after Brexit

Written by Agnes Chambre on 14 September 2017 in News

The Chancellor promised to stop the EU introducing “protectionist” measures aimed at the UK financial sector

Philip Hammond - Image credit: Ben Birchall/PA

The UK Government is seeking a "bespoke" deal for the City of London after Brexit, Philip Hammond has said.

In a speech at the UK Finance annual dinner, the Chancellor said it is his “priority” to ensure the UK remains the financial services centre of the world, as the country’s most important export to the EU.

He also pledged to stop Brussels introducing “protectionist” measures aimed at targeting the City.

Elsewhere in the speech, Hammond said a transition period “during which the UK and the EU 27 will retain access to each other’s markets, and operate a harmonised customs arrangement” will be “integral” to a smooth Brexit.

“It is my priority as Chancellor to ensure that the UK remains the financial services centre of the world. And the global hub of fintech.

“We have the timezone, the language, the legal system, the talent, the capital markets, and the tech centre to succeed,” he told City grandees during a speech at Mansion House last night.

There have been warnings many UK-based businesses could relocate their headquarters to other European financial centres following Brexit.

But Hammond attempted to reassure attendees by telling them the City will seek a new “paradigm” as “no existing trade agreement, nor third-country access to the EU, supports the scale of reciprocal trade in financial services that exists between the UK and the EU”.

He added that the UK Government will not allow the EU to have "protectionist agendas, disguised as arguments about financial stability".

Tags

Categories

Related Articles

Food bank use continues to rise, finds Trussell Trust
24 April 2018

Trussell Trust distributed 1,332,952 three day emergency food supplies to people in crisis last year, up by 13 per cent on previous 12 months

Keeping Barnett formula 'not appropriate' after Brexit, warns Institute for Fiscal Studies
24 April 2018

Pledge to maintain Barnett formula one of the key parts of the Vow, made by the Conservatives, Labour and the Lib Dems in the run up to the 2014 independence referendum

Related Sponsored Articles

Associate feature: 5 ways IoT is transforming the public sector
5 February 2018

Vodafone explores some of the ways IoT is significantly improving public sector service delivery

Share this page