UK Chancellor meets City bosses in bid to preserve UK financial services

UK’s Chancellor of the Exchequer Philip Hammond has met with some of the global financial services industry’s top executives in a bid to preserve the UK’s status as the number one global financial hub, which has been under threat since June’s Brexit decision.

Earlier today Hammond, hosted a roundtable discussion on the issues affecting the financial services industry as the UK prepares for negotiations to leave the EU, the UK Treasury said in a statement.

The meeting with City bosses and other members of the European Financial Services Chairmen’s Advisory Committee, also covered the attendees’ views on how the government can offer support to the industry in the lead up to the Autumn Statement.

Among the attendees included Shriti Vadera, chairman, Santander UK, Robert Rooney, chief executive, Morgan Stanley International, Sir Adrian Montague, chairman, Aviva, Elizabeth Corley, vice-chair, Allianz Global Investors, Martin Gilbert, chief executive, Aberdeen Asset Management and Sir Gerry Grimstone, chairman, Standard Life.

‘Potential impact leaving the EU’

Hammond said: “I understand the scale of the potential impact leaving the EU could have for parts of the financial services industry. That is why I am determined to listen to what the industry has to say on key issues, like access to the single market.

“We want the best deal for trade in UK goods and services, including our world leading financial services industry.”

Financial services exports account for over 12% of the UK total; it employs over 1m people, two thirds of whom work outside of London and the South East; and contributes over £60bn in tax each year to help fund public services.

“It is important Britain maintains its status as a great place for financial services and that is why the government stands ready to help the sector maximise the opportunities that leaving the EU presents,” added Hammond.

Open discussions

The European Financial Services Chairmen’s Advisory Committee said in statement that it was “very pleased” that senior representatives of the financial services industry have been given this opportunity to exchange early views with the Chancellor, and “appreciated the openness” of the discussions.
“Ensuring UK-based financial institutions have continued ability to support the needs of businesses and individuals and to add value to the economy as a global financial centre, is in all our mutual interests,” the statement read.

‘Ongoing engagement’

The Treasury added that it is committed to “ongoing engagement” with business and in the coming months, the Chancellor will hold a series of bilateral and group discussions with domestic and international firms ahead of chairing a further roundtable with representatives from financial services firms in October.

The UK’s financial services industry is one of the UK’s most successful export industries, with total financial services exports having increased from 1.6% of GDP in 1991 to 3.5% of GDP in 2015. London is seen as world’s number one financial centre and around half of the world’s largest financial firms have their European headquarters in the UK.

The full list of the meeting attendees is as follows:

  • Philip Hammond, Chancellor of the Exchequer
  • Simon Kirby, Economic Secretary to the Treasury
  • Robin Walker, Minister for Department for Exiting the European Union
  • Shriti Vadera, Chairman, Santander UK
  • Robert Rooney, CEO, Morgan Stanley International
  • Xavier Rolet, CEO, London Stock Exchange Group
  • John Nelson, Chairman, Lloyd’s of London
  • Sir Adrian Montague, Chairman, Aviva
  • John McFarlane, Chairman, Barclays
  • Douglas Flint, Chairman, HSBC
  • Elizabeth Corley, Vice-Chair, Allianz Global Investors
  • Other members of the European Financial Services Chairmen’s Advisory Committee:
  • Mark Boleat, Chairman, Policy and Resources Committee, City of London Corporation
  • Lord Blackwell, Chairman, Lloyds Banking Group
  • Michael Cole-Fontayn, Chairman EMEA / Chairman, BNY Mellon / Association of Financial Markets in Europe
  • Sir Howard Davies, Chairman, RBS
  • Martin Gilbert, CEO, Aberdeen Asset Management
  • Sir Gerry Grimstone, Chairman, Standard Life
  • David Roberts, Chairman, Nationwide Building Society
Gary Robinson
Head of Video and Ezines at Open Door Media Publishing. Deputy Editor, International Investment. An experienced journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as a fully qualified IFA, Gary works across both International Investment and InvestmentEurope titles. Previous video production credits include projects on BBC, C4 and SKY.

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