Home NEWS Business New York , not EU, will win if London loses financial crown, says PM

New York , not EU, will win if London loses financial crown, says PM

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New York and Hong Kong are more likely to benefit should London lose its status as financial capital of the world, not the EU, Prime Minister Theresa May and City bosses have said.

Ms May and Chancellor Philip Hammond sought to reassure heavyweight finance firms including HSBC, Barclays and Goldman Sachs the industry would be protected in a Brexit trade deal, at a meeting in Downing Street today.

A spokesman for the Prime Minister said there was agreement that “fragmentation of the European market would likely benefit centres outside of Europe”.

Banking sources corroborated the account, describing the talks as “very positive”. One source said bosses pressed for a “bespoke” trade deal with the bloc and for the UK to resist “becoming a rule taker” of the EU.

The united front puts the Government and the City on a collision course with Brussels, which has insisted Britain’s financial services industry cannot be included in any trade deal.

The comments were designed to combat fears Continental financial hubs including Paris and Frankfurt could snap up thousands of UK finance jobs in a hard Brexit.

It is understood Barclays chief executive Jes Staley also used the meeting to argue “pretty forcefully” for the UK to adopt a more competitive tax regime.

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