Rishi Sunak holds talks with financial services sector on post-Brexit competitiveness - reports

Chancellor Rishi Sunak told financial services leaders in a private call that the industry is a "crown jewel" and that it will continue to remain "competitive and dynamic" following Brexit, according to reports.

The UK Government said that Prime Minister Boris Johnson hosted a virtual roundtable on the morning of 7 June with financial services leaders, alongside the Chancellor and Bank of England (BoE) governor Andrew Bailey. It confirmed that the discussions were "wide ranging".

City AM has reported that the Chancellor promised to protect financial services from competition from Brussels.

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According to reports, an EU document seen this week showed that the European Commission is running workshops with the industry to discuss how to shift trillions of euros in swaps contracts from the London Stock Exchange to Frankfurt's Deutsche Börse.

In a statement about the private call, the UK Government said that the Prime Minister began by "thanking the sector for the role it had played in supporting firms and households during the pandemic", and that the business leaders went on to discuss the economic recovery.

"They also discussed how to support innovation and the competitiveness of the UK financial services sector now we have left the transition period," the statement said.

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"The group welcomed ongoing collaboration to drive long-term innovation and green growth - cementing the UK's position as a global financial centre."

Following the 7 June call, Sunak will lead a series of roundtables with "key players" from the finance sector in the lead-up to his and the BoE governor's Mansion House speeches.