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Britain will minimise Brexit risk to financial centre - minister
October 4, 2016 / 2:12 PM / a year ago

Britain will minimise Brexit risk to financial centre - minister

Britain's Secretary of State for Exiting the European Union David Davies speaks at the annual Conservative Party Conference in Birmingham, Britain, October 2, 2016. REUTERS/Toby Melville

BIRMINGHAM, England (Reuters) - The British government is working to minimise any risk from Brexit to the country’s financial centre and a successful deal should benefit the sector, Brexit minister David Davis said on Tuesday.

The future of Britain’s global financial centre will be a major negotiating point in talks with the European Union on exiting the bloc, and banks are keen to retain the “passporting” rights which allow them to sell financial services across the EU from London.

“We will set about making sure that the things that people are worrying about like passporting are resolved, there’s no question there,” Davis said, speaking at an event on the sidelines of the ruling Conservative Party’s annual conference.

Davis also said a good deal for Britain to leave the European Union should help foreign car manufacturers, saying companies such as Japan’s Nissan (7201.T) - which has voiced fears over higher tariffs - should not worry.

“We want the car manufacturing industry to be doing better, we want the finance sector to be doing better, with no constraints on them,” he said when asked what the government could do to reassure investors.

Nissan Chief Executive Carlos Ghosn said last week he could scrap new investment in Britain’s largest car plant unless the country pledged to pay compensation for any tax barriers being put up after Brexit.

Reporting by Elizabeth Piper and William James, editing by Kylie MacLellan

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