Hammond to reassure bankers with global financial partnerships plan

Chancellor Philip Hammond aims to reassure bankers on Thursday that he will protect their interests and will unveil a new strategy for global financial partnerships post-Brexit.

The Chancellor will address the City’s elite in his keynote Mansion House speech on Thursday, where leaks suggested he will explain the government’s plans to safeguard London’s position as a financial hub after the divorce with the EU.

This comes as many firms from the financial services industry repeatedly raise concerns regarding the potential negative impact of Brexit, especially in a no-deal scenario.

Looking towards the future, the UK expects to sign a series of financial partnerships with non-EU countries and will make the country a gateway to financial markets. It has already started a series of talks with countries such as China or Brazil.

Hammond also intends for the UK to call on the EU to negotiate financial services post-Brexit that would allow the UK to have access to EU markets and would also benefit EU government’s in terms of currencies and money borrowing.

"Connectivity was always at the heart of London’s success. And to succeed in the future, we must remain connected to the world – including the important emerging markets,” Hammond will say.