Financial services to be a priority in Brexit deal

The government will make the UK’s financial services sector a priority in the next round of Brexit negotiations, according to Theresa May.

The Prime Minister met with a number of financial services leaders to discuss the UK’s exit from the EU, with input being provided by bosses from major banks and financial institutions such as HSBC, Barclays, Goldman Sachs, JP Morgan Chase, and Prudential.

Influence

Financial services bosses discussed what they believe the Prime Minister should do to protect the City of London’s size and influence, with Barclays Chief Executive Jes Staley recommending tax and regulatory requirements be loosened to enable the UK’s financial services sector to continue to compete with rival financial centres.

The Prime Minster told bosses she will aim to secure a bespoke deal for the UK, with the meeting also focusing on how Britain can be transformed into a more attractive location for financial services.

Financial services leaders discussed their main concerns and were  asked by the Prime Minister to highlight the benefits of maintaining London’s position as the financial centre of Europe.

Encouraging 

Several banker participants of the meeting gave their opinion on the outcome of the discussion, with one describing it as an encouraging, positive meeting, stating: “The whole point of the meeting was to say to us, look we know you feel we haven’t prioritised you so far in the negotiations, but we will.”