Hammond in attempt to charm chiefs of US banks
PHILIP Hammond will meet the bosses of major US banks this week as part of a charm offensive aimed at promoting the UK’s global standing amid a faltering domestic economy and intense Brexit fears.
The Chancellor, who is in Washington for the annual International Monetary Fund (IMF) meeting, will travel to New York in the coming days to hold talks with the heads of financial services giants that together have a market cap of nearly £600bn.
He will meet top bosses at JP Morgan and Citi as well as asset managers Blackstone and BlackRock, continuing a dialogue with major US banks as many prepare to shift portions of their UK operations to the EU in preparation for Brexit.
It will cap a week that will have seen Mr Hammond meet fellow finance ministers and central bankers in Washington, where he will also attend the G20 and G7 meetings, and touch on topics including productivity, digital taxation and international trade.
That is on top of a Commonwealth Finance Ministers meeting, the first attended by a UK Chancellor in seven years, and talks with members of the US administration.
The Chancellor said: “I will be in the US this week to demonstrate that Global Britain is not just a phrase, it is a reality. I am looking forward to productive discussions with my international colleagues as we work together to ensure that economic growth works for everyone.”
Mr Hammond’s US trip comes amid fears that Britain is racing to a hard Brexit that would hammer businesses and the lucrative financial services sector.