In a speech at the UK Finance Annual Dinner at Mansion House on Tuesday (13th September), Mr Hammond discussed the government’s position with regards to the financial services market while negotiating with the European Union.
Mr Hammond said: “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.”
Mr Hammond also said that regarding the UK’s supervision of financial markets with the EU, he would prioritise “forward-leaning proposals” rather than “protectionist” agendas.
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“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,” he added.
“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.”
On that same day, the chancellor also chaired the first meeting of the Business Advisory Group alongside the secretary of state for exiting the EU and the business secretary.
The ministers met with the main business representative organisations – including the CBI, BCC, IoD, FSB and EEF – to hear their views.
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