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

MSPs raise concerns about ‘confusing evidence’ over accountability for Scottish social security IT system
15 November 2017

Clear lines of accountability are “absolutely essential” to avoid failure of IT projects, Holyrood’s Public Audit and Post-Legislative Scrutiny Committee has warned

Chancellor must urgently rethink UK approach to welfare, UK’s four children’s commissioners warn
15 November 2017

With the Institute for Fiscal Studies projecting a rise in child poverty, the children’s commissioners for Scotland, England, Wales and Northern Ireland came together to issue a joint warning...

MPs to be given binding vote on final Brexit deal
14 November 2017

David Davis has been accused of a climbdown after agreeing to give MPs a vote on the final deal

Share this page