Top government officials reportedly told prominent insurance and finance leaders that the City of London will not have a separate Brexit deal.
Chancellor Philip Hammond and Brexit Secretary David Davis hosted a roundtable discussion on Monday with representatives from the UK’s insurance, banking, asset management and market infrastructure sectors.
The talks covered a range of issues, including the opportunities and challenges that Brexit presents to the financial services industry.
According to a report by
The Telegraph, Hammond and Davis told the business executives that London and the finance industry will not get special treatment in the Brexit negotiations.
“The message was: ‘You’re not the only sector. You’re a very important sector but you’re not the only sector’,” recalled one of the business leaders who attended the meeting, as quoted by
The Telegraph.
The insurance bosses who joined the meeting were Association of British Insurers chairman Andy Briggs, Lloyd’s of London CEO Inga Beale and
QBE chair Tim Ingram.
In a joint statement, Hammond and Davis said the government will ensure that the UK will remain a global financial hub post-Brexit.
“As the UK exits the EU, we are determined that our country remains a great place to invest and to do business,” the government leaders said. “We want the best deal for trade in UK goods and services, including our world-leading financial services industry.”
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