Chancellor to discuss mini-Budget with City grandees amid Brexit backdrop


Chancellor Philip Hammond will on Wednesday meet City grandees to discuss how to use his first mini-Budget to boost the economy amid the backdrop of Brexit.

Ahead of the Autumn Statement, Mr Hammond will meet several members of the European Financial Services Chairmen's Advisory Committee, including chairman and Santander UK boss Baroness Vadera.

The committee was set up to analyse how Britain's financial services sector can deal with the economic fallout of the shock vote to leave the European Union.

The meeting comes after Theresa May distanced herself from Brexit Secretary David Davis's suggestion that it is "very improbable" the UK can regain control over its own borders while remaining part of the European single market.

The apparent rebuke sparked fears that the Government is finding it difficult to deal with the realities of Brexit and agree a way forward.

Ahead of the meeting, Mr Hammond said: "We want to ensure the continued investment that creates jobs and supports wage growth throughout this period of uncertainty ahead of the UK formally leaving the European Union.

"That means listening to businesses and organisations who represent working people all over the country, and taking the necessary steps to maintain economic stability.

"From manufacturing to new technology, exporters to small businesses, I am determined that industry and Government work together to ensure that Britain takes full advantage of the opportunities Brexit presents.

"That means engaging in open and constructive dialogue with business leaders in the months ahead."

The meeting is the first in a series of high-level industry roundtables, with further discussions with the City scheduled for October.

The Chancellor will also chair meetings with representatives from the world of technology, retailing and manufacturing as well as meeting investors, importers and exporters and hosting representatives from the Confederation of Business Industry (CBI), the Federation of Small Businesses (FSB) and the British Chambers of Commerce (BCC).