Chancellor Philip Hammond has pledged to prioritise the needs of the UK’s financial sector during EU exit talks.
Speaking during this mornings Treasury Questions in Parliament Hammond told MPs: “I certainly have been seeking to reassure financial services businesses that we will put their needs at the heart of the negotiation with the European Union.
“We understand their needs for market access. We also understand their needs to be able to engage the right skilled people.”
Last week, the chief executive of the British Bankers’ Association warned that banks could start leaving the UK as early as next year as fears mount over ‘passporting rights’ across the EU.
Writing in the Observer the BBA’s chief executive said the “public and political debate at the moment is taking us in the wrong direction” and warned that the “£20bn trade in financial services is at risk”.
It has been suggested that the UK could secure access in return for continuing to pay into the EU budget.