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| Hammond and Davis meet bank chiefs to talk Brexit 'opportunities' | |
| (35 minutes later) | |
| Banking leaders from Goldman Sachs and HSBC were among those who met the chancellor and the Brexit secretary to discuss how to keep financial services in the UK after leaving the EU. | Banking leaders from Goldman Sachs and HSBC were among those who met the chancellor and the Brexit secretary to discuss how to keep financial services in the UK after leaving the EU. |
| Philip Hammond and David Davis hosted a gathering at the Shard tower on Monday, amid concern among many banks about losing “passporting” rights and the potential shock of Brexit if there is no transitional deal to cushion the impact of leaving the European Union. | Philip Hammond and David Davis hosted a gathering at the Shard tower on Monday, amid concern among many banks about losing “passporting” rights and the potential shock of Brexit if there is no transitional deal to cushion the impact of leaving the European Union. |
| Almost 5,500 UK financial firms rely on corporate “passports” to conduct business across the EU, with banks warning that loss of the rights could mean companies and jobs move to other European countries. | Almost 5,500 UK financial firms rely on corporate “passports” to conduct business across the EU, with banks warning that loss of the rights could mean companies and jobs move to other European countries. |
| The government said the meeting was about the “opportunities offered by the UK’s decision to leave the EU”, with ministers saying they would feed back the insights given by City chiefs into their analysis of options for Brexit. | The government said the meeting was about the “opportunities offered by the UK’s decision to leave the EU”, with ministers saying they would feed back the insights given by City chiefs into their analysis of options for Brexit. |
| Attendees also included banks Barclays and Santander as well as insurers, such as Lloyd’s of London and investment companies, such as BlackRock. | Attendees also included banks Barclays and Santander as well as insurers, such as Lloyd’s of London and investment companies, such as BlackRock. |
| Hammond and Davis issued a joint statement after the event, saying they were “determined that our country remains a great place to invest and to do business” after leaving the EU. | Hammond and Davis issued a joint statement after the event, saying they were “determined that our country remains a great place to invest and to do business” after leaving the EU. |
| “We want the best deal for trade in UK goods and services, including our world-leading financial services industry,” they said. | “We want the best deal for trade in UK goods and services, including our world-leading financial services industry,” they said. |
| “That is why these meetings, where we listen closely to the sector’s views on the potential impact and opportunities offered by us leaving the EU, are so important. | “That is why these meetings, where we listen closely to the sector’s views on the potential impact and opportunities offered by us leaving the EU, are so important. |
| “Our financial services sector makes a crucial contribution to our economy and we will work together to ensure it continues as the hub for both Europe and the rest of the world.” | “Our financial services sector makes a crucial contribution to our economy and we will work together to ensure it continues as the hub for both Europe and the rest of the world.” |