“We acknowledge that there are legitimate concerns among our EU colleagues about the oversight and supervision of financial markets here in the UK that are providing vital financial services to EU firms and citizens,” the chancellor told a City audience at Mansion House, London.
Mr Hammond said he would develop proposals for a new relationship with the EU on the supervision of financial markets, intended to preserve London’s status as Europe’s financial hub and reassure Brussels that UK regulation would remain in line with European norms after Britain leaves the bloc.
But he said the UK would resist any move by the EU to try to restrict Britain’s financial services sector with regulation intended to take business from London. “Let me be clear, we will not accept protectionist agendas, disguised as arguments about financial stability.”
Stephen Jones, chief executive of UK Finance, a new lobby group representing about 300 banks and other financial services companies in Britain, said the UK should not aim to compete with Europe by cutting standards.
“Strong regulation attracts international trade and business,” he said. “We do not desire or need a bonfire of regulations, a frequent concern of our European partners that we must allay.”
[...]Mr Hammond’s reference to “legitimate concerns” on the EU side on Wednesday night is seen as a recognition that the UK will be more open to models of “joint supervision” after Brexit, particularly in areas such as euro-clearing. [...]
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