UK's Hammond: Won't accept protectionist EU agendas after Brexit

Eren Sengezer FXStreet

Delivering his speech at the Mansion House in London's "Square Mile" financial district, UK finance minister Philip Hammond said, "Britain will reject "protectionist" agendas from the European Union in favour of "forward-leaning" proposals when it comes to supervising cross-border financial markets after Brexit," as reported by Reuters.

Key quotes:

Britain, the bloc's biggest financial centre, acknowledged there are legitimate concerns among its European partners about the oversight and supervision of financial markets after the UK leaves the EU in March 2019
We will address them by making forward-leaning proposals for greater transparency, cooperation, and agreed standards based on international norms
It is my priority as Chancellor to ensure that the UK remains the financial services centre of the world. And the global hub for fintech
We have the time zone, the language, the legal system, the talent, the capital markets, and the tech centre to succeed

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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