Finance News

Chancellor meets with banking bosses to 'maximise Brexit opportunities'

7th September 2016
"We want the best deal for trade in UK goods and services, including our world leading financial services industry."

Chancellor Philip Hammond has hosted a roundtable discussion on the issues affecting the financial services industry post-Brexit.

The meeting, with members of the European Financial Services Chairmen’s Advisory Committee, also covered the attendees’ views on how the government can offer support to the industry in the lead up to the Autumn Statement.

The advisory committee was set up to analyse the economic impact of Brexit on the financial services sector. It includes the chairmen of Lloyds Banking Group, RBS, Standard Life, Nationwide, Santander Aviva, Barclays and HSBC, as well as other influential names across the sector.

Chancellor Philip Hammond said he understands "the scale of the potential impact leaving the EU could have for parts of the financial services industry" and will listen to what the industry has to say on key issues, like access to the single market.

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

"Financial services are one of Britain’s great success stories – its exports account for over 12% of the UK total; it employs over 1 million people, two thirds of whom work outside of London and the South East; and contributes over £60 billion in tax each year to help fund public services.

"It is important Britain maintains its status as a great place for financial services and that is why the government stands ready to help the sector maximise the opportunities that leaving the EU presents."

The European Financial Services Chairmen’s Advisory Committee added: "We were very pleased that senior representatives of the financial services industry have been given this opportunity to exchange early views with the Chancellor, and appreciated the openness of the discussions.

"Ensuring UK-based financial institutions have continued ability to support the needs of businesses and individuals and to add value to the economy as a global financial centre, is in all our mutual interests. We are committed to supporting government in delivering a successful outcome from the negotiations."

The Treasury will hold a series of bilateral and group discussions with domestic and international firms ahead of chairing a further roundtable with representatives from financial services firms in October.

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