Theresa May

Theresa May holds talks with financial services firms

Theresa May chaired a roundtable with senior executives from some of the world's leading financial institutions last week.

A Downing Street spokesperson confirmed that they discussed the opportunities and challenges for the financial sector posed by Brexit, with the prime minister giving an overview of the UK’s position.

Mrs May also updated the executives on Brexit negotiations, including the UK’s aim to agree an implementation period by the end of March.

Chancellor of the exchequer Philip Hammond emphasised the need to make the interests of consumers and taxpayers central to the future regulatory relationship between the UK and EU.

The spokesperson added: “The business leaders were united in emphasising the need for as much certainty as possible.

“The conclusion of phase one talks were deemed to have provided reassurance and the business leaders gave their views on how to maximise the benefits of an implementation period.”

Mr Hammond added that the UK’s financial services sector was an enabler of the real economy across Europe and that any moves to undermine it risked undermining Europe’s economies.

There was agreement that the fragmentation of the European market would likely benefit centres outside of Europe.

In her closing comments, the prime minister asked that in their conversations in European capitals, the attendees emphasised the benefits for Europe, as a whole, of the UK’s financial centre.

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