UK’s Hammond to reassure bankers in speech he will probably protect them in Brexit

 UK’s Hammond to reassure bankers in speech he will probably protect them in Brexit

LONDON (Reuters) – Britain's finance minister will endeavour to reassure bankers on Thursday which he will protect their interests as London leaves the EU, which includes a major speech emphasizing open trade and financial services industry relationships both with Europe and beyond.

Philip Hammond, the most pro-European of Prime Minister Theresa May's top ministers, will say he hopes to go to a liberalization of cross-border financial services as well as for London being the world's "undisputed gateway to financial markets", in excerpts released by his office.

"While some question some great benefits of openness … being offered to the globe – and as a global capital of finance – will continue (the) first step toward the UK's economic success," Hammond will state financial leaders with the Capital of scotland – London's annual Mansion House dinner.

The event is among the most major set bits of the year for Hammond and Bank of England Governor Mark Carney, that can also speak. It comes per day after May won a significant vote in parliament in her Brexit plans, facing down rebels within her ruling Conservative Party who favor closer ties with all the EU.

Although Hammond is viewed as a skeptic of a hard break with all the EU, the increased exposure of global swap the excerpts from his speech echoes a theme of more enthusiastic Brexit supporters among May's Conservatives, who say Britain may benefit from escaping the bloc to do trade deals with further-flung nations.

Hammond will state that after Brexit, he needs to strike fresh global financial partnerships, determined by new free trade deals and existing dialogue with countries like India and china.

He will even reiterate they wants the EU to discuss an ambitious future financial services relationship with Britain.

Progress on this key need for Britain's financial sector has long been slow. For months government entities, financial regulators and major banks in england have backed a "mutual recognition" blueprint for two-way market access after Brexit. But facing scepticism from Brussels, financial executives told Reuters last week they not understand that it is realistic.

In an address before Hammond's, god Mayor of the Town of London, Charles Bowman, a figurehead to your financial services industry, offers emphasize the industry's desire to have streamlined immigration procedures and also a comprehensive trade agreement while using the EU that covers financial services.

"We welcomed the government's March announcement that there has to be a transition period … but regardless of this in position, there are significant risks, including those around contract continuity and knowledge flows, that need to be addressed."

AscendEconomy

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