Speech

Bloomberg Global Regulatory: Chancellor speech

The Chancellor of the Exchequer Philip Hammond's speech at the Bloomberg Global Regulatory on emerging and growth markets.

From:: HM Treasury and The Rt Hon Philip Hammond
Published: 11 December 2018

Location:: Bloomberg Global Regulatory, Bloomberg HQ
Delivered on:: 11 December 2018 (Original script, may differ from delivered version)

Check against delivery

Thank you Constantin, it바카라 사이트冱 great to be here.

And it바카라 사이트冱 great to get out of Whitehall, to the wonderful surroundings of Bloomberg바카라 사이트冱 new European HQ.

This HQ is a great representation of this City.

Historic and modern, nestling side-by-side바카라 사이트ｦ

바카라 사이트ｦa technological and architectural temple of gadgetry바카라 사이트ｦ

바카라 사이트ｦon the site of the 3rd Century temple to the god Mithras.

Back then during the very origins of Londonium 바카라 사이트� this Mithraeum played host to merchants, traders, and imperial administrators in the depths below where we stand now, plotting the future of this great city바카라 사이트ｦ

바카라 사이트ｦand 1,800 years later 바카라 사이트� we바카라 사이트决e still bringing together investors and regulators to discuss what the future holds for the global economy.

This stunning building won this year바카라 사이트冱 Stirling prize for the UK바카라 사이트冱 best new building바카라 사이트ｦ

바카라 사이트ｦfighting off competition from a brick nursery and a mud-walled cemetery.

And I바카라 사이트冦 delighted to be here today 바카라 사이트� in the home of a global company that represents the very best of this city바카라 사이트ｦ

바카라 사이트ｦa business that over the past 40 years바카라 사이트ｦ

바카라 사이트ｦthanks to the entrepreneurial spirit and vision of Mike Bloomberg바카라 사이트ｦ

바카라 사이트ｦhas grown from a seller of the iconic Bloomberg terminals we all know well바카라 사이트ｦ

바카라 사이트ｦto a global information, data, and media empire, and the very heart of what makes financial markets tick.

And this is a good time for us to meet and take stock바카라 사이트ｦ

바카라 사이트ｦat a time of uncertainty and challenge for the global economy:

Rising US-China trade tensions바카라 사이트ｦ

바카라 사이트ｦa slowing outlook for global growth바카라 사이트ｦ

바카라 사이트ｦthe challenge of the impact of monetary policy normalisation on the Emerging Markets바카라 사이트ｦ

바카라 사이트ｦeconomic challenges facing major economies, from Japan to Italy바카라 사이트ｦ

바카라 사이트ｦand a reminder last week in France 바카라 사이트� of the threat posed by a rising tide of sentiment among our electorates that our economic model is not working for everyone.

And of course 바카라 사이트� here in the UK 바카라 사이트� we have our own special problems as we navigate our Exit from the EU.

We have agreed a deal with our EU partners that ensures a smooth and orderly departure from the European Union바카라 사이트ｦ

바카라 사이트ｦdelivers on the referendum decision of the British people바카라 사이트ｦ

바카라 사이트ｦand secures a close future economic relationship with our nearest neighbours.

It is the best deal available for the British economy that delivers on the result of the referendum바카라 사이트ｦ

바카라 사이트ｦand it바카라 사이트冱 a deal that can bring this country back together again and allow us to all move on.

And it바카라 사이트冱 a deal that protects the UK바카라 사이트冱 position as a global financial centre바카라 사이트ｦ

바카라 사이트ｦand allows the hugely mutually beneficial financial services trade with the EU to continue to flourish.

Not through the EU바카라 사이트冱 바카라 사이트湾assporting바카라 사이트� regime 바카라 사이트� as we will leave the Single Market바카라 사이트ｦ

바카라 사이트ｦbut through a new economic and regulatory partnership in financial services.

We have set out a proposed framework for how this will work바카라 사이트ｦ

바카라 사이트ｦallowing the mutual benefits of UK-EU financial services trade to continue 바카라 사이트� while protecting financial stability, businesses, consumers, and taxpayers across the UK and the EU.

And the deal agreed with the EU includes an agreement on the future relationship for financial services that reflects these proposals바카라 사이트ｦ

바카라 사이트ｦwith both sides committing to take decisions on granting equivalence at least six months before the end of the Implementation Period.

But I don바카라 사이트冲 want to spend my time with you talking about Brexit바카라 사이트ｦ

바카라 사이트ｦI바카라 사이트况e done more than enough of that over the last few days, and months바카라 사이트ｦ

바카라 사이트ｦand at this conference you are gathered here to talk about the opportunities and challenges in the global economy바카라 사이트ｦ

바카라 사이트ｦand I want to say a few words about our plan for Britain 바카라 사이트� post-Brexit 바카라 사이트� to remain an international centre of finance and commerce around the world.

The UK has always had an internationalist outlook 바카라 사이트� and we바카라 사이트况e been a global centre of finance for centuries바카라 사이트ｦ

바카라 사이트ｦfor it wasn바카라 사이트冲 the passport that built the City of London바카라 사이트ｦ

바카라 사이트ｦit was our unique history and networks바카라 사이트ｦ

바카라 사이트ｦsupported by a few specific advantages:

Our language is the global language of business;

Our legal system is the jurisdiction of choice for international commerce;

Our world-class universities and schools contribute to the pluriculture that makes the UK such a favoured place to live and work;

Our tech sector is the innovation leader in Europe;

And we are the global capital for international finance and professional services;

And the key point 바카라 사이트� is that Britain바카라 사이트冱 strengths are more than just the aggregation of these things바카라 사이트ｦ

바카라 사이트ｦit is the effect of bringing them together바카라 사이트ｦ

바카라 사이트ｦthe financial capital of the world바카라 사이트ｦ

바카라 사이트ｦa global innovation hub, research centres of excellence, a leader in creative industries, and a vibrant and diverse culture바카라 사이트ｦ

바카라 사이트ｦthat together create this ecosystem of prosperity.

And post-Brexit I am clear that we will maintain and build upon this ecosystem바카라 사이트ｦ

바카라 사이트ｦas we shape our economy for the future.

And since this is a Global Regulatory summit let me say a few words about standards바카라 사이트ｦ

바카라 사이트ｦbecause one thing that will stand regardless of our future relationship with the EU, is the UK바카라 사이트冱 commitment to robust international standards.

We led the way internationally in the development of post-crisis financial reforms바카라 사이트ｦ

바카라 사이트ｦand ten years on our global system stands safer, simpler, and fairer:

Safer because large banks are better capitalised, less leveraged, and more liquid;

Simpler because over-the-counter derivative markets are less complex, and more transparent;

Fairer because we바카라 사이트况e reformed the resolvability of financial institutions 바카라 사이트� so that now it is shareholders and creditors who bear the costs of a failure 바카라 사이트� not taxpayers.

And it바카라 사이트冱 precisely because we have such a large, dynamic, important financial sector 바카라 사이트� that it is in our interests to go beyond international baseline standards바카라 사이트ｦ

바카라 사이트ｦand drive forward the global 바카라 사이트腕ace to the top바카라 사이트�.

And as people in this room know 바카라 사이트� this job is never done.

We need to do even more if we are to complete the global regulatory reform agenda바카라 사이트ｦ

바카라 사이트ｦand in particular we must look at how the implementation of these reforms may impact on the market바카라 사이트ｦ

바카라 사이트ｦand how differences in timing or consistency of implementation could lead to market fragmentation바카라 사이트ｦ

바카라 사이트ｦand in turn lead to weaker resilience, unlevel playing fields, increased costs of transactions, and financial stability risks.

I바카라 사이트冦 glad that Japan has indicated it will take forward work on this agenda during their forthcoming G20 presidency바카라 사이트ｦ

바카라 사이트ｦand the UK stands ready to support this work 바카라 사이트� for the benefit of our financial sector here at home, and for the resilience of the global financial system as a whole.

Because I reject the idea that laxer regulation makes a jurisdiction more attractive.

But regulatory systems will be a key discriminator:

The financial centres of choice in the future will be safe, transparent, stable, and predictable바카라 사이트ｦ

바카라 사이트ｦwith appropriate regulatory regimes바카라 사이트ｦ

바카라 사이트ｦthat are agile and flexible to keep abreast of changing technologies and business models.

Regulatory robustness, coupled with regulatory agility, and a commitment to regulatory innovation will be a key selling point of London바카라 사이트冱 financial services market in the future.

However, London바카라 사이트冱 strengths as a financial centre are about more than resilience and our commitment to high quality, agile, and flexible regulation;

It is about being the global centre for international finance바카라 사이트ｦ

바카라 사이트ｦand as we leave the EU, we are more focused than ever on strengthening ties with the big, established markets, beyond Europe, from the US to Japan바카라 사이트ｦ

바카라 사이트ｦand building new links with the fast-growing markets in the East 바카라 사이트� including in particular, India and China바카라 사이트ｦ

바카라 사이트ｦwho 바카라 사이트� as their middle classes grow in size and prosperity 바카라 사이트� will rapidly increase their demand for financial services in terms of volume and in terms of sophistication.

So at my Mansion House speech in June 바카라 사이트� I announced our intention to develop new Global Financial Partnerships바카라 사이트ｦ

바카라 사이트ｦto strengthen our links with these key markets around the world바카라 사이트ｦ.

바카라 사이트ｦleveraging existing tools 바카라 사이트� such as our bilateral dialogues, and regulatory cooperation바카라 사이트ｦ

바카라 사이트ｦwith new tools 바카라 사이트� such as market access agreements, through our future third country regime바카라 사이트ｦ

바카라 사이트ｦacross capital markets, banking, asset management, and insurance바카라 사이트ｦ

바카라 사이트ｦto reinforce the UK바카라 사이트冱 position as the pre-eminent centre for global finance.

We have worked hard on our Global Financial Partnerships plan and we are gearing up to begin discussions with potential partner countries from April 2019, as soon as we have left the EU.

In conclusion, Britain is, and will remain, a great place to do business.

Of that, I have no doubt.

And our financial sector will remain in the vanguard 바카라 사이트� with a regulatory system that is among the most open, transparent, and agile in the world 바카라 사이트� adapting, innovating, driving change, influencing바카라 사이트ｦ

바카라 사이트ｦand as Chancellor I am determined to go on pushing us to do even better바카라 사이트ｦ 바카라 사이트ｦto develop new products and services바카라 사이트ｦ 바카라 사이트ｦto reach out to new markets바카라 사이트ｦ 바카라 사이트ｦand to rise to the opportunities and challenges ahead.

I have spent the last two years on a path of unswerving commitment to a Brexit deal that protects jobs, businesses, investment, and growth;

So that we can go on investing in the technologies and skills of the future;

And secure our place as the world바카라 사이트冱 leading financial centre in the years and decades to come.

I remain committed to that cause바카라 사이트ｦ

바카라 사이트ｦI am grateful for the huge support from the Financial Services industry바카라 사이트ｦ

바카라 사이트ｦand look forward to continuing to work with you as we deliver Brexit바카라 사이트ｦ

바카라 사이트ｦmanage the transition smoothly바카라 사이트ｦ

바카라 사이트ｦand go on to reinforce the global network that will underpin London바카라 사이트冱 position in the future.

Thank you.

Published 11 December 2018

Bloomberg Global Regulatory: Chancellor speech

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