On 20 June 2019, the Government published the Chancellor’s Mansion House speech.
In relation to Brexit and financial services, the Chancellor, Philip Hammond, states:
“As I said here last year, the balance of the UK’s financial services trade will inevitably shift, as we continue to do business with the EU, but with future growth increasingly coming from the dynamic emerging markets beyond EuroPe.
London’s position as the premier global financial services hub depends on our ability to capture a share of these booming markets. And it depends, too, on our ability to integrate the technologies of the future into our mainstream financial services.
In short, to remain a dominant player we in the UK must do what London’s markets have always done: evolve. Refuse to stand still; reject the notion of the status quo; embrace change, disruption and challenge. Adopt, adapt and synergise enthusiastically and energetically. Radiate the energy and dynamism which distinguishes a real hub of innovation from its sterile imitators.”
Mr Hammond also announces a Treasury-led review of the payments landscape bringing together policymakers and regulators to make sure that UK regulation and infrastructure keeps pace with new payments models. He also states that the UK Government will launch a major, long-term review into the future of the UK regulatory framework. The first phase of this review will take action to improve coordination between the UK regulatory authorities. This will start with a summit of all the relevant regulators in a few weeks’ time, leading to a Treasury call for evidence before the summer.