Hammond to defend City
The UK will not water down rules to protect its financial services sector after Brexit, the chancellor said yesterday as he sent a message to his counterparts in the EU that he would not tolerate protectionist measures being imposed to lure business way.
Philip Hammond, pictured, also told financiers in the City that his priority was to devise policies that would allow the UK to retain its place as a leading global financial centre.
“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 said.
“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,ear, we will not accept protectionist agendas, disguised as arguments about financial stability,”” said Hammond.
hancellor to ensure that the UK remains the financial services centre of the world.” he said.