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Hammond and Carney Make Case For Protecting Financial Services

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Chancellor of the Exchequer Philip Hammond and Bank of England Governor Mark Carney joined forces to defend the financial-services industry as the government seeks to shift its Brexit focus away from controlling migration to safeguarding jobs.

The chief stewards of the U.K. economy, speaking in their delayed annual Mansion House addresses in London on Tuesday, said breaking up financial services such as derivatives and lending after Britain leaves the European Union would result in higher costs for companies.

“Fragmentation of financial services would result in poorer quality, higher-priced products for everyone concerned,” Hammond said. “Avoiding fragmentation of financial services is a huge prize for the economies of Europe, and I believe we can do it.”

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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