GETTYPhilip Hammond is warning Brussels against trying to snatch business from the City of London
Philip Hammond accepts Brussels’ concerns about the supervision of financial markets in London which provide services across the continent.
But he will warn that those concerns must not be used as a smokescreen to support EU financial centres, such as Frankfurt and Paris, at the expense of the UK.
In a speech in London tonight, Mr Hammond is set to assure City workers that his priority is to ensure that Britain remains "the financial services centre of the world" after Brexit.Related articles
He will say the new relationship sought with the EU on the supervision of financial markets will offer greater transparency and cooperation.
He will say: "We acknowledge that there are legitimate concerns among our EU colleagues about the oversight and supervision of financial markets here in the UK that are providing vital financial services to EU firms and citizens.
"We will address them