UK vows to keep fi­nance com­pet­i­tive

Global Times US Edition - - WORLD -

Bri­tain’s gov­ern­ment is com­mit­ted to do­ing what­ever it can to keep its fi­nan­cial sec­tor glob­ally com­pet­i­tive af­ter Brexit, fi­nan­cial ser­vices min­is­ter John Glen said on Tues­day.

Bri­tain is due to leave the Eu­ro­pean Union on Oc­to­ber 31 but it has yet to se­cure a di­vorce set­tle­ment with the bloc, the UK fi­nan­cial sec­tor’s sin­gle big­gest cus­tomer.

Un­cer­tainty for fi­nance has in­creased as a new British prime min­is­ter is be­ing se­lected.

Glen said there must be a “clear plan” to main­tain the UK fi­nan­cial sec­tor’s global suc­cess as it can­not be taken for granted.

“It would be a tragedy if we lost our com­pet­i­tive ad­van­tage by ac­ci­dent,” Glen told a Thecityuk con­fer­ence.

He knew the fi­nan­cial sec­tor, known in Bri­tain as the City, wanted an end to the “Brexit im­passe.”

Frank­furt, Paris, Am­s­ter­dam, Lux­em­bourg and Dublin have been vy­ing to at­tract new hubs be­ing opened by Uk-based fi­nan­cial com­pa­nies need­ing an EU base af­ter Brexit.

Bankers see the shift of some jobs and ac­tiv­i­ties from the City to the EU as in­evitable and oneway, what­ever the fu­ture UK trad­ing deal with Brussels.

But Glen said none of those ri­val fi­nan­cial cen­tres in the EU can match all that Lon­don has to of­fer.

Thecityuk’s new chair, Mark Tucker, said the fi­nan­cial sec­tor was Bri­tain’s most suc­cess­ful eco­nomic sec­tor bar none and has a com­par­a­tive ad­van­tage over other coun­tries in that it is dif­fi­cult, if not im­pos­si­ble, to repli­cate. “It’s the envy of other na­tions,” said Tucker, who also chairs HSBC bank.

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