Chancellor of the Exchequer Philip Hammond and Bank of England Governor Mark Carney joined forces to defend the financial-services industry as the government seeks to shift its Brexit focus away from controlling migration to safeguarding jobs.
The chief stewards of the U.K. economy, speaking in their delayed annual Mansion House addresses in London on Tuesday, said breaking up financial services such as derivatives and lending after Britain leaves the European Union would result in higher costs for companies.
“Fragmentation of financial services would result in poorer quality, higher-priced products for everyone concerned,” Hammond said. “Avoiding fragmentation of financial services is a huge prize for the economies of Europe, and I believe we can do it.”
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Craig Erlam
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