Chancellor Philip Hammond to give first Autumn Statement on November 23

Chancellor Philip Hammond to give first Autumn Statement on November 23

Chancellor Philip Hammond to give first Autumn Statement on November 23

However, Hammond today used his first appearance in front of the House of Lords EU financial affairs committee to hit back, arguing that clearing in London benefits from economies of scale with different currencies being processed at the same time.

Hammond said Britain would leave the single market and would try to secure a deal that was suited to the country's interests.

He added: "I don't think we should be cavalier about levels of debt".

"But we can not accept uncontrolled free movement of people".

Mr. Hammond also announced that he intends to scrap the fiscal rules put in place by his predecessor, George Osborne.

Philip Hammond will present his first budget statement as chancellor of the exchequer on 23 November, setting out how the government will use tax and spending plans to shore up the United Kingdom economy after the vote to leave the EU. "The government stands ready to help the sector maximize the opportunities that leaving the European Union presents".

But the Chancellor said last night: "It's in our interests, and I would argue in the EU's interests as well, to have free and open access to each other's markets".

Mr Hammond added that the economic impact of the vote to quit the European Union had been "considerably less severe" than the Bank of England had expected but warned there were likely to be ups and downs over the coming years.

"The structures that we have in London, it's very complex eco-system of banks, funds, insurance companies, law firms, business services firms, would not and could not be replicated anywhere else".

Trying to damage the City "in pursuit of a narrow, hypothetical national advantage would be a huge mistake for any of our European Union partners to follow", Hammond said.

Hammond spoke after meeting in London on Wednesday with financiers including Douglas Flint, the chairman of HSBC Holdings Plc, Shriti Vadera, the chairman of Santander UK and Xavier Rolet of the London Stock Exchange.

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