BREAKING NEWS

UK's Hammond warns EU against attempt to break up City of London

By REUTERS

SEPTEMBER 8, 2016 19:14

Britain's finance minister Philip Hammond warned other European Union countries that attempts to break up London's role as a global financial centre in the wake of the country's Brexit vote would be a "huge mistake" for the EU.

Hammond said London had a "very complex ecosystem" of banks and financial services firms and "to break it up or try to damage it in the pursuit of some very narrow and hypothetical national advantage would be a huge mistake for any of our European Union partners to follow."

Speaking in parliament, he also said Britain would be open to allowing bankers from the bloc to work in the country after it leaves the EU.

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