UK Government “Stands Ready to Help” Banking Sector

September 12th, 2016

Summary Analysis: 

United Kingdom Chancellor of the Exchequer Phillip Hammond convened a meeting with chairmen from several of the region’s top banks, including Lloyds, RBS, Standard Life, Santander Aviva, Barclays and HSBC, in an attempt to quell concerns about the impact of Brexit.  Hammond sought to reassure members of the special Chairmen’s Advisory Committee, that the UK government would act to protect the interests of the financial services industry that’s responsible for more than one million jobs.

Hammond championed the financial services industry as “one of Britain’s great success stories,” adding, “It is important Britain maintains its status as a great place for financial services and that is why the government stands ready to help the sector maximize the opportunities that leaving the European Union presents.”  However, with it looking increasingly unlikely that the UK will be able to maintain passporting rights or unfettered access to the European single market, Brexit is likely to have a considerably negative impact the London financial hub.

Resources:

Press:

http://www.bloomberg.com/news/articles/2016-09-07/hammond-seeks-to-keep-u-k-a-great-place-for-banks-post-brexit

http://www.reuters.tv/v/Mlc/2016/09/07/uk-finance-minister-talks-brexit-with-banks

http://www.financialreporter.co.uk/finance-news/chancellor-meets-with-banking-bosses-to-maximise-brexit-opportunities.html