Brexit – Hammond to lay out plan for ‘global financial partnerships’

Philip Hammond will today set out a strategy for securing new “global financial partnerships” with other countries after Britain leaves the EU. In an annual address at Mansion House, the chancellor will pitch the plan as a way to make Britain the “undisputed gateway to global markets”.

New partnerships will be targeted at fast-growing markets such as China, India, South Korea and Australia, and build on existing agreements, such as “financial dialogues” with other countries.

Many in the financial services industry have repeatedly raised concerns about the potential impact of Brexit, particularly if Britain fails to finalise a deal with Brussels. While the most extreme predictions of job losses have yet to be borne out, the Treasury and Bank of England are at loggerheads over how the Square Mile will be regulated in future.

The loose model for the new “global financial partnerships” would be the “economic and financial dialogues” that already exist between Britain and China, India and Brazil, allowing finance ministers to hold high-level talks every year. However, the new arrangements would be more focused on financial services and could, in theory, be extended to scores of countries around the world.

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