UK Chancellor makes first trip to Wall Street ahead of IMF meetings

Thursday, October 6, 2016 - 14:04

The UK Chancellor will tell international banks in New York today that he is determined that Britain remains the best place in the world for the financial services industry.

Making his first trip to the US since he was appointed Chancellor earlier this summer, Mr Hammond will speak to Wall Street leaders as part of his consultations with the industry to hear their views, and offer assurances that the government is working to deliver the best possible exit for the UK from the EU.

He will reiterate that he wants a deal that allows the financial services sector to continue to have good access to European markets and will make clear that the UK will continue to be an outward looking and globally-minded nation, providing the products and expertise that global customers want both now and in the years ahead.

The Chancellor will meet with the leaders of international banks and other financial services companies in New York before holding more private meetings with industry representatives while in Washington.  Among others, he will meet leaders from Citi, BNY Mellon, Morgan Stanley and Goldman Sachs, who together employ over 25,000 people in the UK.

Highlighting the UK’s proud history as a free trading nation and as a bridge for global financial markets, the Chancellor said: 

“One of Britain’s great strengths is the ability to offer and aggregate all of the services the global financial services industry needs. This has not changed as a result of the EU referendum result and I will do everything I can to ensure the City of London retains its position as the world’s leading international financial centre.

“Whether it's British employers or US firms who support thousands of highly-skilled jobs in the financial sector, we are listening and taking the time to understand the issues thoroughly, in advance of opening negotiations with the EU.

“We will continue to welcome the best and brightest talent and organisations from around the world, including the US. While the government has not finalised its future approach to our relations with the EU, the government’s position is clear, we want the best deal for trade in UK goods and services, including our world leading financial services industry.”

After his trip to New York, the Chancellor will then travel to Washington for the IMF Annual Meetings, where he will meet with fellow Finance Ministers to discuss the global economy and his commitment to a strong and competitive UK economy that is open for business