March 7, 2018 / 2:53 PM / in a year

Undermining London finance hub after Brexit not a zero sum game: UK's Hammond

Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street in London, Britain, March 7, 2018. REUTERS/Henry Nicholls

LONDON (Reuters) - British finance minister Philip Hammond said on Wednesday that any attempt to weaken London’s dominance in financial services after Brexit would not be a “zero sum game” in which Britain loses and the European Union wins.

Hammond also said he expects a transition deal between Britain and the EU to be formalized later this month. This must allow regulators to cooperate to make it work, Hammond said, something that Britain’s Financial Conduct Authority has called for.

London’s role as a global financial center should be looked at as a European asset, not a British asset, Hammond said.

“(This) is not a zero sum game, where any loss of market share in London is automatically a gain to another EU capital,” Hammond said in a speech in London’s financial center.

New York, Singapore and Hong Kong instead would likely be the beneficiaries, he added.

Reporting by Huw Jones, David Milliken, Andrew MacAskill, writing by Andy Bruce; editing by Stephen Addison

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