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Brexit: UK targets 'bespoke' deal with EU to protect City

From BBC - September 13, 2017

The UK government will aim for a "bespoke" deal with the EU to protect the City of London after Brexit, Chancellor Philip Hammond has said.

Financial services are the UK's most important export to the EU, he said.

Mr Hammond warned Brussels would not be allowed to use Brexit to introduce "protectionist" measures designed to target the City.

And he said a transitional period after the UK leaves would be "integral" to making a smooth Brexit.

The UK is due to leave the EU in March 2019.

There have been warnings that London's status as a European financial hub will be hit if the UK leaves the EU single market, and other EU governments have already begun wooing London-based financial companies.

Mr Hammond sought to reassure the sector in a speech at the UK Finance annual dinner in the City of London, saying the UK would seek a "new paradigm" for trade in financial services with the EU.

Financial services are "our most important EU export sector" and must be protected, he said.

'Good start'

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