UK to remain a ‘capital of finance’

UK to remain a ‘capital of finance’
UK chancellor of the exchequer Philip Hammond.

Gavin Cordon

UK chancellor of the exchequer Philip Hammond is to set out the Government’s blueprint for maintaining London’s position as a “global capital of finance” after Brexit through opening up access to markets beyond the EU.

In his annual Mansion House speech to the City, Mr Hammond is expected to spell out how the government will seek a series of new “global financial partnerships” to open up cross-border financial services.

At the same time he will reiterate his appeal to Brussels to come to the table to discuss a future relationship on financial services, something the EU side has so far refused.

The chancellor will emphasise that financial services will remain a “foundation of the UK’s economic success” outside the EU, which will in turn require continued openness to the global economy.

“Global Britain is not just a strategy for Britain’s economic future, it’s a statement about what kind of people we are and about the economy and the society we want to be,” he is expected to say.

“Connectivity was always at the heart of London’s success, and to succeed in the future, we must remain connected to the world, including the important emerging markets.

“So while some question the benefits of openness, being open to the world, and being a global capital of finance, will continue to be the foundation of the UK’s economic success.”

He will say the new strategy will bring together governments, regulators, and industry to build a system to support firms’ access to international financial markets, while reducing business costs.

“Our vision is for a set of new partnerships combining new tools, like free trade agreements, and existing ones, like our financial dialogues, looking across sectors of the industry and positioning the UK as the most global financial services market in the world,” he is expected to say.


More in this Section

France to unveil 'massive' stimulus this week to stop youth unemployment soaringFrance to unveil 'massive' stimulus this week to stop youth unemployment soaring

Irish e-scooter firm included in UK's post-Covid alternative public transport trialsIrish e-scooter firm included in UK's post-Covid alternative public transport trials

The uncertain future for Munster's airportsThe uncertain future for Munster's airports

Almost 400 million more customs declarations expected as Britain ‘secures’ border post-BrexitAlmost 400 million more customs declarations expected as Britain ‘secures’ border post-Brexit


Lifestyle

Conservationist Giles Clark takes on the illegal wildlife trade, as well as the task of building a bear sanctuary in Laos, South-east Asia, in BBC Two series Bears About The House.Five minutes with ... Giles Clark

Forget G-spots. Let's focus on the C-spot and close the orgasm gap once and for all.Sex File: The G-spot is dead. Long live the C-spot

Workshop leaders from the West Cork Literary Festival offer tips for writing in areas such as biography, short stories and travel, writes Des O’DriscollSo you want to be a writer?

'He told us we were so scared of dying, we forgot how to live” - Guru: The Dark Side of Enlightenment is this week's podcast pickPodcast Corner: Guru tells of sweat-lodge tragedy and James Arthur Ray

More From The Irish Examiner