UK/EU financial services relations ‘not a zero-sum game’ – Hammond

The assertion that financial services cannot be part of a free trade agreement between the UK and the EU post-Brexit must be challenged, Chancellor Philip Hammond has said, highlighting that it is not a “zero-sum game, where any loss of market share in London is automatically a gain to another EU Capital".

In his speech on financial services at HSBC, 7 March, Hammond said “it is in the interest of both the UK and the EU27 to ensure that EU businesses and citizens can continue to access the UK Financial Services Hub”.

“The UK Financial Services hub is an engine that powers the real economy not just in the UK, but right across Europe. Because the fact is that the UK financial services hub is not just a British asset but a European asset too supporting businesses, savers and citizens across the EU serving the whole of our continent, as well as the world beyond. And not just serving Europe but powered by the talent of hundreds of thousands of Europeans who work in it,” he stated.

Hammond acknowledged however, there are challenges.

“I recognise that there will be many legitimate concerns, concerns about the policing of rules once we are separate legal jurisdictions, concerns about the legal framework for regulatory and supervisory cooperation and concerns about the implications for financial stability and for the operation of Eurozone monetary policy.

"We stand ready to engage on all these issues.”

    Share Story:

Recent Stories


A changing DC market
In our latest Pensions Age video interview, Aon DC senior partner and head of DC consulting, Ben Roe, speaks to Laura Blows about the latest changes and challenges within the DC sector

Being retirement ready
Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. How are we feeling about retirement?’

Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

Advertisement Advertisement Advertisement