News story

Philip Hammond and David Davis host financial services bosses for Brexit discussion

Ministers met with executives from the financial services industry to discuss opportunities offered by the UK’s decision to leave the EU.

Philip Hammond and David Davis today (5 December 2016) co-chaired a roundtable discussion on Brexit with representatives from the UK’s banking, insurance, asset management and market infrastructure sectors. The discussion was the first of its kind to be co-chaired by ministers from HM Treasury and the Department for Exiting the EU, and took place at the Warwick Business School in The Shard.

It covered a range of issues, including the opportunities and challenges that leaving the EU presents to the financial services industry and how the industry and government are working together to help London go from strength to strength as the world’s leading financial centre. The insights offered will be fed into the government’s ongoing analysis on the options for the UK’s withdrawal from the EU.

The UK’s financial services sector employs 1 million people, two thirds of whom are based outside of London and the South East. The industry accounts for 12% of total UK exports and contributes over £60 billion in tax each year.

Following the meeting, the Chancellor of the Exchequer and the Secretary of State for Exiting the EU issued a joint statement:

As the UK exits the EU, we are determined that our country remains a great place to invest and to do business. We want the best deal for trade in UK goods and services, including our world-leading financial services industry.

That is why these meetings, where we listen closely to the sector’s views on the potential impact and opportunities offered by us leaving the EU, are so important.

Our financial services sector makes a crucial contribution to our economy and we will work together to ensure it continues as the hub for both Europe and the rest of the world.

Meeting attendees:

  • Philip Hammond, Chancellor of the Exchequer
  • David Davis, Secretary of State for Exiting the European Union
  • Inga Beale, CEO, Lloyd’s of London
  • Tim Ingram, Chair, QBE
  • John McFarlane, Chair, Barclays
  • Baroness Vadera, Chair, Santander
  • Michelle Pinggera, Partner, Goldman Sachs
  • Patrick Olson, COO Europe, Blackrock
  • William Nott, CEO, M&G Securities
  • Nikhil Rathi, CEO, LSE plc
  • Sir Sherard Cowper-Coles, Head of Group Government Affairs, HSBC
  • Andy Briggs, Chairman, Association of British Insurers