Chancellor Philip Hammond rules out relaxing regulations to boost finance after Brexit

London will remain a global financial centre after Brexit, Chancellor Philip Hammond said today as he ruled out relaxing financial regulation.

Hammond said Britain will have a safe, transparent and predictable regulation regime, which will be agile enough to cope with changes in business models, Reuters reported.

“I reject the idea that laxer regulation makes a jurisdiction more attractive,” Hammond told a conference in London.

British banks could lose EU passporting rights that allow them access to the single market following Brexit.

Hammond said the English language, Britain’s legal system, universities and technologies made London a global financial centre, rather than the EU passport.

He added that Theresa May’s Brexit deal was the best for the British economy and would allow “hugely beneficial” financial services trade between the EU and Britain.

His comments came as May met with European leaders in a bid to rescue her Brexit deal the day after she postponed a parliamentary vote on the agreement.