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Peer2Peer Finance News | November 22, 2017

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Chancellor sets outs commitment to UK fintech after Brexit

Chancellor sets outs commitment to UK fintech after Brexit
Suzie Neuwirth

THE CHANCELLOR has underlined his commitment to ensuring the UK remains a global fintech hub and leading financial services sector after Brexit, but said he would not accept “protectionist” agendas during negotiations.

Philip Hammond (pictured) made a speech at the UK Finance Annual Dinner at Mansion House on Wednesday evening that reaffirmed his stance of wanting a managed approach to Brexit, while reassuring the financial sector that the City would not be frozen out of EU markets.

“It is my priority as chancellor to ensure that the UK remains the financial services centre of the world,” he said.

“And the global hub of fintech.

“We have the timezone, the language, the legal system, the talent, the capital markets, and the tech centre to succeed.”

Read more: Hammond underlines importance of fintech for UK economy

The chancellor reiterated previous rhetoric regarding “protectionist” EU agendas that had already emerged during talks.

“We acknowledge that there are legitimate concerns among our EU colleagues about the oversight and supervision of financial markets here in the UK that are providing vital financial services to EU firms and citizens,” he said.

Read more: UK fintech is at critical juncture and needs support, says Innovate Finance

“We will address them by making forward-leaning proposals for greater transparency, cooperation, and agreed standards based on international norms.

“But, let me be clear, we will not accept protectionist agendas, disguised as arguments about financial stability.”

Earlier in the day, Hammond chaired the first meeting of the Business Advisory Group, alongside Brexit secretary David Davis and business secretary Greg Clark. The ministers met with the five main business representative organisations – the CBI, BCC, IoD, FSB and EEF – representing business from across the economy, to hear their members’ views and priorities.

Read more: UK and Hong Kong regulators agree fintech co-operation

Charlotte Crosswell, chief executive of fintech trade body Innovate Finance, said in response: “Innovate Finance is encouraged to see the chancellor reaffirm the government’s commitment to getting the best deal for UK fintech.

“Attracting the best and brightest global talent, supportive capital frameworks and market access are all critical to the future success of the sector and we look forward to working with the chancellor in achieving this.”