Chancellor Philip Hammond flies to New York to promote UK as financial hub following historic Brexit decision
Chancellor will be on the charm offensive to try to reassure US banking giants the UK is open and stable for business
PHILIP Hammond will today promise US banking giants he is doing “everything I can” to safeguard the City of London’s world-leading role in Brexit talks.
In Wall Street talks with Goldman Sachs, Citi and Morgan Stanley the Chancellor will insist he wants a deal with the EU that guarantees “good access to European markets” for the financial services sector.
And he will insist Britain is “listening” to big business amid fears that a ‘Hard Brexit’ will shatter the City’s lucrative trade with the EU.
A post-Brexit Britain would continue to welcome the “best and brightest talent” from around the world, he will add.
City insiders claim some leading US banks are already lining up moves to shift part of their business from the UK to the Continent.
RELATED STORIES
But in his first visit to the US since taking over at the Treasury, Mr Hammond will say: “One of Britain’s great strengths is the ability to offer and aggregate all of the services the global financial services industry needs.
“This has not changed as a result of the EU referendum result and I will do everything I can to ensure the City of London retains its position as the world’s leading international financial centre.”
EU officials have lined up to warn the UK the City could lose lucrative ‘passporting’ rights that allow them to ply their trade across the EU without having to be separately authorised in each member state.
Morgan Stanley chief James Gorman in July warned the bank may have to a “European style headquarters” on the Continent in addition to a London office to keep these rights.