Brexit  

Hammond and Davis meet financial sector for Brexit talks

Hammond and Davis meet financial sector for Brexit talks

The Chancellor and the Secretary of State for Exiting the European Union have met with executives from the financial services industry to discuss the UK’s decision to leave the EU.

Philip Hammond and David Davis co-chaired a roundtable discussion on Brexit with representatives from the UK’s banking, insurance, asset management and market infrastructure sectors.

The insights offered will be fed into the government’s ongoing analysis on the options for the UK’s withdrawal from the EU.

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Among the attendees were William Nott, chief executive of M&G Securities, Patrick Olson, European chief operating officer of BlackRock, John McFarlane, chairman of Barclays and Inga Beale, chief executive of Lloyd’s of London.

HM Treasury said the meeting covered a range of issues, including the opportunities and challenges that leaving the EU presents to the financial services industry and how the industry and government are working together to help London go from strength to strength as the world’s leading financial centre. 

Following the meeting, Mr Hammond and Mr Davis issued a joint statement. It said: “As the UK exits the EU, we are determined that our country remains a great place to invest and to do business.

“We want the best deal for trade in UK goods and services, including our world-leading financial services industry.

“That is why these meetings, where we listen closely to the sector’s views on the potential impact and opportunities offered by us leaving the EU, are so important.

“Our financial services sector makes a crucial contribution to our economy and we will work together to ensure it continues as the hub for both Europe and the rest of the world.”

The discussion took place at the Warwick Business School in The Shard.

The UK’s financial services sector accounts for 12 per cent of total UK exports and contributes over £60bn in tax each year.