Ministers meet finance chiefs for talks to protect City of London post-Brexit

Ministers meet finance chiefs for talks to protect City of London post-Brexit

Efforts to protect the City of London after Brexit have been stepped up, with Philip Hammond and David Davis meeting key players in a bid to reassure them about the Government's plans.

The future of the financial services sector, both in the capital and around the UK, has been a key issue following the 23 June vote to leave the European Union amid concerns that Brexit could make it more difficult for firms to operate in continental markets.

The chancellor and the Brexit Secretary met leading bankers and insurance chiefs to listen to their concerns about the potential impact of leaving the EU.

In the talks at The Shard, the two Cabinet ministers were joined by City figures including Lloyd's of London CEO Inga Beale, London Stock Exchange PLC boss Nikhil Rathi, Barclay's chairman John McFarlane, Santander chairwoman Baroness Vadera and HSBC's head of government affairs Sir Sherard Cowper-Coles.

Other leading figures at the meeting included QBE's chairman Tim Ingram and Andy Briggs from the Association of British Insurers, along with representatives from Goldman Sachs, BlackRock and M&G Securities.

Among the concerns of City institutions are the potential loss of so-called passporting rights, which allow institutions based in the UK to operate across the EU without having to seek separate authorisation in each country.

Officials said the talks will feed into the government's "ongoing analysis" on the options for Brexit.

In a joint statement, Hammond and Davis said: "As the UK exits the EU, we are determined that our country remains a great place to invest and to do business.

"We want the best deal for trade in UK goods and services, including our world-leading financial services industry.

"That is why these meetings, where we listen closely to the sector's views on the potential impact and opportunities offered by us leaving the EU, are so important.

"Our financial services sector makes a crucial contribution to our economy and we will work together to ensure it continues as the hub for both Europe and the rest of the world."

 

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