Hammond Hints At Financial Services Positioning For Brexit

The UK will not accept protectionist agendas from the EU on financial services regulation, chancellor Philip Hammond has said.

The European Union does have legitimate concerns about the oversight and supervision of financial markets in the UK that provide services to EU firms and citizens, Hammond told a dinner held by UK Finance.

The UK will address these concerns by making "forward-leaning" proposals for greater transparency, cooperation and standards based on international norms, but it will "not accept protectionist agendas, disguised as arguments about financial stability", he said.

The UK will continue to have "the most robust regulatory and supervisory regime – to protect our taxpayers from having to step in to deal with failure", Hammond said.