Published On: Thu, Sep 14th, 2017

Brexit news: EU cannot use UK exit to target City of London, Hammond warns | City & Business | Finance

Philip Hammond accepts Brussels’ concerns about the supervision of financial markets in London which provide services across the continent.

But he warned that those concerns must not be used as a smokescreen to support EU financial centres, such as Frankfurt and Paris, at the expense of the UK.

In a speech in London, Mr Hammond assured City workers that his priority is to ensure that Britain remains “the financial services centre of the world” after Brexit.

He confirmed the new relationship sought with the EU on the supervision of financial markets will offer greater transparency and cooperation.

He said: “We acknowledge that there are legitimate concerns among our EU colleagues about the oversight and supervision of financial markets here in the UK that are providing vital financial services to EU firms and citizens.

“We will address them by making forward-leaning proposals for greater transparency, cooperation, and agreed standards based on international norms.

“But, let me be clear, we will not accept protectionist agendas, disguised as arguments about financial stability.”

The speech at the UK Finance annual dinner comes after Mr Hammond chaired the first meeting of the Business Advisory Group.

The Chancellor, Brexit Secretary David Davis and Business Secretary Greg Clark met the five main business organisations – the CBI (Confederation of British Industry), BCC (British Chambers of Commerce), IoD (Institute of Directors), FSB (Federation of Small Businesses) and EEF – to hear their concerns and priorities.

Mr Hammond stressed his commitment to maintaining the UK’s position, including its leading role in financial technology (fintech).

“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.”

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