London will still be world's leading financial centre, Chancellor tells Wall St


London will keep its position as the world's leading financial centre after Brexit, Chancellor Philip Hammond is telling Wall St power-brokers during his first US trip since taking over at the Treasury.

Mr Hammond is seeking to allay fears over the impact of the referendum decision to exit the EU by addressing financial bosses in New York on Thursday, ahead of a meeting of the International Monetary Fund (IMF) in Washington DC.

Mr Hammond is insisting he wants a Brexit deal with Brussels which will ensure good access to European markets for UK-based financial services.

The Chancellor is meeting the leaders of international banks and other financial services companies, before private talks with industry representatives while in Washington.

He will meet leaders from Citi, BNY Mellon, Morgan Stanley, Goldman Sachs, and others who together employ more than 25,000 people in the UK.

Mr Hammond is saying: "One of Britain's great strengths is the ability to offer and aggregate all of the services the global financial services industry needs. This has not changed as a result of the EU referendum result and I will do everything I can to ensure the City of London retains its position as the world's leading international financial centre.

"Whether it's British employers or US firms who support thousands of highly-skilled jobs in the financial sector, we are listening and taking the time to understand the issues thoroughly, in advance of opening negotiations with the EU.

"We will continue to welcome the best and brightest talent and organisations from around the world, including the US. While the Government has not finalised its future approach to our relations with the EU, the Government's position is clear, we want the best deal for trade in UK goods and services, including our world leading financial services industry."