Hammond: We need to avoid fragmentation of financial services after Brexit

Claudine Rigal
Juin 21, 2017

Additionally, Hammond said he was working to make sure the government was "doing all it can" to facilitate firms' access to patient capital, as being able to access long-term capital would allow businesses "to grow and bear the fruits of the flow of innovation that is pouring out of United Kingdom universities".

The Chancellor also hailed the benefits of foreign workers, striking a distinctly different tone to Theresa May's immigration-centred Brexit rhetoric from before the election. "Anything less will be a failure to deliver on the instructions of the British people".

Speaking alongside the governor, Philip Hammond said that no-one voted for Brexit to become poorer. The credibility of her Brexit vision in also in doubt following a day one U-turn in Brussels talks, giving Mr Hammond space to set out how the Government could now take a different tack.

"Fragmentation is in no one's economic interest", Carney said.

In a speech in London's financial district, Hammond advocated a Brexit deal that "puts jobs and prosperity first" and allows employers to "access the talent they need" if post-Brexit restrictions are imposed on immigration by European Union citizens.

"And therefore we'll nearly certainly need an implementation period, outside the customs union itself, but with current customs border arrangements remaining in place, until new long-term arrangements are up and running".

He also signalled the United Kingdom would try to maintain the "frictionless" border arrangements of the EU's customs union for an "implementation period" after leaving.

Mr Hammond then distanced himself from the anti-immigration rhetoric that has anxious British business groups reliant on foreign staff.

So, while we seek to manage migration, we do not seek to shut it down.

The Bank of England governor mocked the idea that the United Kingdom was on a "smooth path to a land of cake and consumption". The EU has proposed forcing the biggest foreign derivatives-clearing firms to set up shop in the bloc if they want to continue doing business there. "But we acknowledge that, as Britain leaves the EU, there are genuine and reasonable concerns among our EU colleagues about oversight of financial markets that will then be outside EU jurisdiction, but which provide a vast proportion of economically vital financial services to EU firms and citizens".

Brussels has made the future of the three million European Union citizens in Britain and one million Britons in Europe a priority, insisting they should be allowed to keep their rights to live, work, study and claim welfare benefits.

Let me quote you from our manifesto, (just in case, by chance, any of you didn't read it): "Britain is an open economy and a welcoming society and we will always ensure that our British businesses can recruit the brightest and best from around the world".

"Sky's Political Correspondent Lewis Goodall said Mr Hammond's speech was "extraordinary", and added: "(He's) given up pretending he thinks there are benefits to Brexit.

Previously the United Kingdom had insisted on parallel talks of the divorce bill and a trade deal.

Davis agreed to the EU's demands to put free trade deal talks on hold until the parties have worked out the cost of the UK's divorce settlement.

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