UK FinMin says will put financial services at the heart of Brexit talks

Posted in Google Brexit News
at 2016.10.25
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UK FinMin says will put financial services at the heart of Brexit talks

U.K. finance secretary Philip Hammond has said the government would take into account the needs of the financial services when it negotiates its exit from the European Union

“I certainly have been seeking to reassure financial services businesses that we will put their needs at the heart of the negotiation with the European Union,” Hammond told parliament.

“We understand their needs for market access. We also understand their needs to be able to engage the right skilled people,” he said

This comes after a source told CNBC Monday that large banks with a presence in the U.K. felt the country’s government was not fully receptive to the financial services sector in the wake of the uncertainty surrounding the Brexit vote.

An industry source with knowledge of the situation, who wished to remain anonymous due to the sensitive nature of the topic, told CNBC that a wide range of banks, both big and small, felt that while the U.K. Treasury was very receptive to their ideas about a “smooth Brexit”, other government departments are less sympathetic.

“Banks with large numbers of customer accounts in Europe and banks financing infrastructure projects, bonds and derivatives in Europe are among those looking to move out of London,” the source added.”

Earlier this week, the British Banking Authority (BBA) chief, Anthony Browne wrote an article in the U.K.’s Observer newspaper Sunday saying big banks were preparing to relocate out of the U.K. early next year.

The BBA head said the political and the public debate was taking us in the wrong direction. He wrote that most international banks had project teams working on which operations to move and when, adding that their hands were hovering over the relocate button.

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Published at Tue, 25 Oct 2016 11:03:45 +0000

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