Ham­mond to de­fend City

Square Mile

The Guardian - - NATIONAL - Jill Tre­anor

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.

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