UK "looking outside EU for financial partners"

Chancellor of the Exchequer Philip Hammond says the UK is looking beyond Europe to other markets including China and Brazil. What other visions for the future does the Chancellor have for a post-Brexit Britain?

Image of Mansion House tube station
The UK will create "ground-breaking financial partnerships" after Brexit with cities around the world to maintain London's position as global financial hub, Chancellor of the Exchequer Philip Hammond said in a speech on Thursday.

Which world financial centres will the UK look to post-Brexit?

In his annual Mansion House speech to City leaders, Mr Hammond said that, in the future, London would be looking beyond Europe to financial centres believed to include Hong Kong and Singapore to cement the UK’s position as “the undisputed gateway to global markets”.Britain has also already started a series of financial dialogues with leading 'emerging market' nations, including China and Brazil.While repeating his appeal to the EU to discuss a post-Brexit relationship on financial services - something Brussels has so far refused to do - Mr Hammond said financial services would remain a "foundation of the UK's economic success" outside the EU."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 said.

Related news:

For more related news and features, visit our Brexit section.  
"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."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."Mr Hammond said the UK's strategy would bring together governments, regulators and the financial sector to build a system to support companies' access to international financial markets, while reducing business costs.

Hammond's proposed strategy chimes with the Swiss bankers alliance's F4 model

The London-based, finance-centred newspaper City A.M. reported that the chancellor's "whole suite” of arrangements would be based on mutual recognition - something Brussels has so far refused to consider."It chimes with the so-called F4 model proposed the Swiss Bankers Alliance in 2016, which was backed just weeks ago by former Legatum Institute director - and influential government adviser - Shanker Singham in his first report for the Institute of Economic Affairs," said City A.M."A UK regime of multilateral mutual recognition 'would allow the UK to strengthen its involvement in global regulation formation and dispute resolution', Singham's report argues. It would also give the combined bloc a strong negotiating position when discussing regulatory matters with other global financial centres."Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Access hundreds of global services and suppliers in our Online DirectoryClick to get to the Relocate Global Online Directory 

Related Articles