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<p>The Chancellor has met with financial institutions this week to discuss the impact
of the United Kingdom’s decision to leave the European Union.</p><p> </p><p>Britain’s
economy and financial system are fundamentally strong. Action by the government and
the Bank of England over the last six years has substantially strengthened the resilience
of the financial system, and the authorities have all the necessary tools in place
to protect financial stability.</p><p> </p><p>The UK is a leading global financial
centre serving not just Britain or Europe, but the entire world. It has natural strengths
such as a central time zone and the English language, together with an unrivalled
pool of firms and investors, supported by world leading legal and professional services.
Major banks from across the globe have bases in the UK, and the UK has the fourth
highest share of cross-border banking. It is also fast establishing itself as a global
hub for renminbi, rupee, Islamic finance, green finance and FinTech business.</p><p>
</p><p>Formal negotiations with the EU will not begin until the UK triggers Article
50. In the meantime, and during the negotiations that will follow, there will be no
change to people’s rights to travel and work, and to the way our goods and services
are traded, or to the way our economy and financial system is regulated.</p><p> </p><p>The
government is committed to deepening relationships with new and established trade
partners. Earlier this week the Chancellor laid out plans to build a highly competitive
economy by targeting a corporation tax rate of less than 15%, focusing on a new push
for investment from China, ensuring support for bank lending, redoubling efforts to
invest in the Northern Powerhouse and maintaining the UK’s fiscal credibility.</p><p>
</p><p>The government will also maintain an open and constructive dialogue with the
UK financial services industry, including through the Financial Services Trade and
Investment Board, which is tasked with boosting and promoting the UK’s financial services
competitiveness position and supporting jobs. Government and industry collaboration
will continue to play a central role in delivering a global, sustainable, innovative
and competitive UK financial services industry that continues to go from strength
to strength.</p>
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