Hammond met with representatives from the European Financial Services Chairmen’s Advisory Committee taskforce on September 7 to discuss issues affecting the financial services industry as the UK prepares to leave the EU and to listen to industry participants’ views on how the government can support their sector.
Attendees from the finance sector were Santander UK chairman Shriti Vadera, who established the taskforce; Morgan Stanley International chief executive Robert Rooney; London Stock Exchange boss Xavier Rolet; Lloyd’s of London chairman John Nelson; Sir Adrian Montague, chairman of Aviva; Barclays chairman John McFarlane and his HSBC counterpart Douglas Flint; and Allianz Global Investors vice-chair Elizabeth Corley.
Hammond, Simon Kirby, the economic secretary to the UK Treasury, and Robin Walker, who runs the new government department for exiting the EU, were the government representatives.
In a statement issued after the roundtable, 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.”
The Chancellor added that the UK’s financial services industry’s exports account for more than 12% of the UK total, while it employs more than one million people and contributes more than £60 billion in tax annually.
He said: “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.”
In the same statement, the advisory committee said: “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. We are committed to supporting government in delivering a successful outcome from the negotiations.”
Hammond will chair a further roundtable with financial-sector representatives in October.