Britain’s chancellor has assured the country’s financial sector that it will “continue to flourish” after Brexit.
Speaking at the Bloomberg Global Regulatory Forum in London on Tuesday, Philip Hammond said the deal his government has agreed with the EU “protects the UK’s position as a global financial centre and allows the hugely mutually beneficial financial services trade with the EU to continue to flourish”.
He struck a positive tone in a chaotic week, if not year, for the government as the planned Monday parliamentary vote on the deal was delayed.
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Mr Hammond also stated the EU was not to be credited with the creation and success of London as a financial hub. Instead, "it was our unique history and networks, supported by a few specific advantages", he told the forum.
These include, said Mr Hammond, English being the global language of business, a legal system favourable to international commerce, Britain's educational institutions and the nation's technology sector. The combination fostered an "ecosystem of prosperity", he said, which he said the government would "maintain and build" on post-Brexit.
The chancellor also mentioned the government’s plans to look outside of Europe for future market relationships.
“As we leave the EU, we are more focused than ever on strengthening ties with the big, established markets, beyond Europe, from the US to Japan and building new links with the fast-growing markets in the east – including in particular, India and China – who, as their middle-classes grow in size and prosperity, will rapidly increase their demand for financial services in terms of volume and in terms of sophistication,” he said.
Mr Hammond’s comments differed significantly from his host, Michael Bloomberg, the former Mayor of New York and founder of Bloomberg LP.
Mr Bloomberg, who is rumoured to be considering a US presidential run, told a press conference in London earlier in the day: "I do think that exiting the EU is bad for the world, I don't think it's good for Europe and I certainly don't think it's good for the UK." He added that he thought it was best for Britain to stay in the EU.
Mohammed bin Zayed Majlis
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THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
UAE currency: the story behind the money in your pockets
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Killing of Qassem Suleimani
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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ELIO
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Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
UK%20record%20temperature
%3Cp%3E38.7C%20(101.7F)%20set%20in%20Cambridge%20in%202019%3C%2Fp%3E%0A
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
UAE currency: the story behind the money in your pockets
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster