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UK's Javid says finance sector is top priority as Brexit nears: source

Economy Sep 02, 2019 01:26PM ET
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LONDON (Reuters) - British finance minister Sajid Javid told representatives of the country's financial services industry on Monday that the sector was a top priority for him as the country prepares to leave the European Union, a person familiar with the discussions said.

Sajid said he was committed to close dialogue with the largest firms in the sector at the meeting, his first major encounter with the industry since he took over as finance minister in July, the person said.

He met heads of financial services firms and trade bodies at his Downing Street residence.

Brexit topped the agenda as the likelihood of Britain leaving the EU on October 31 without a deal with Brussels increases, a second source said.

"Sajid said the government will be trying to give the message that Britain is still open to international talent," the source said.

Financial firms in Britain employ large numbers of EU nationals and the sector wants to continue having the flexibility to recruit internationally to remain competive.

Banks, insurers and asset managers in Britain have opened hubs in the EU to minimise disruption if there is a no-deal Brexit, making the sector one of the best prepared.

But industry representatives raised concerns about a potential "cliff edge" in December for derivatives trades worth billions of euros, the second source said.

Brussels has said that if there is a no-deal Brexit, EU investors can continue using clearing houses in London, but only until next March.

This means that clearing houses like the London Stock Exchange's LCH would have to serve notice to their EU customers by year end to shift positions from London, unless Brussels signalled before then that it will extend the March cut off.

UK's Javid says finance sector is top priority as Brexit nears: source
 

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Comments (2)
Jan Buyle
Jan Buyle Sep 02, 2019 5:51PM ET
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Follow leaders like Johnson and Trump if you like to go back to the stone age... they are ruining their countries with their arrogant incompetence...
Al Vlaj
alvlaj Sep 02, 2019 2:50PM ET
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Finance sector??  The UK kissed that one goodbye when they voted for Brexit in the first place.  That sector is gonzo from Britain within the next 3yrs.  London was access to the EU.  No point after Brexit. What did they think would happen?
 
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