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Philip Hammond’s speech 07 March 2018

The Chancellor of the Exchequer, Philip Hammond’s speech on financial services at HSBC on 07 March 2018.

https://www.gov.uk/government/speeches/chancellors-hsbc-speech-financial-services

Here’s a transcript

It’s great to be here in Canary Wharf, and I am grateful to HSBC for hosting me. But I am conscious that holding this event in London risks feeding the prejudice that financial services is just a London business when, in fact, of course it is a vibrant part of the economy across the length and breadth of Britain with over two-thirds of financial services jobs outside London and significant financial services hubs in Edinburgh, Leeds, Bristol, Belfast, Birmingham and Bournemouth, to name but a few.

On Friday, the Prime Minister set out the UK’s vision for its future economic partnership with the European Union in a speech which answered the call to set out “what we want” while being clear that we understand this is a negotiation, where both sides will need to give and take. As the PM said, our task, together with our European partners, is to deliver a Brexit that works for the UK and for the EU. A partnership that protects supply chains and established trade relationships that backs businesses, safeguards jobs and promotes the shared European values that we all hold.

And the first step will be delivering on the Implementation Period which was agreed as a fundamental part of the deal on Withdrawal issues that we did in December and which we expect to be formalised at the March European Council meeting. This Implementation Period is essential if we – and by “we”, I mean all of us, businesses and citizens, in all 28 countries – are to benefit from a smooth pathway to a future partnership between the UK and the EU. Nowhere will this be more important than in Financial Services, where we must work together to avoid the potential risks to financial stability that could arise if we faced a cliff-edge in March 2019. But for the Implementation Period to deliver the smooth transition we all want to see, it needs to be effective.

That means our regulators working together so that businesses – especially regulated businesses – are able to plan on the basis of it. Giving full and meaningful effect to what we agreed in December delivering clarity and certainty to businesses and citizens across Europe.

The PM was clear in her speech that after we have left the EU, we’ll be outside the Single Market and the Customs Union but equally, we’ll be free to cooperate closely with partners, including the EU, where it is in our mutual interest to do so. Financial services is such an area where we can, and should, collaborate closely recognising that a future economic partnership will always need to ensure a fair balance of the rights and obligations associated with market access.

Today I want to build on the vision the Prime Minister delivered on Friday. I want to explain why it makes sense, for both the UK and the EU, that we continue to collaborate closely on cross-border financial services. I want to challenge the assertion that Financial Services cannot be part of a free trade agreement to set-out why it is in the interest of both the UK and the EU27 to ensure that EU businesses and citizens can continue to access the UK Financial Services hub and how this is not a zero-sum game, where any loss of market share in London is automatically a gain to another EU Capital. And I want to describe what a future financial services component of a comprehensive trade partnership agreement could look like.

Theresa May’s speech at the 2018 Munich Security Conference

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Prime Minister Theresa May’s speech at the 2018 Munich Security Conference.

For more than half a century, this conference has brought nations together from Europe and across the Atlantic to forge our common security. The fundamental values we share – respect for human dignity, human rights, freedom, democracy and equality – have created common cause to act together in our shared interest. The rules-based system we helped to develop has enabled global cooperation to protect those shared values.

Today as globalisation brings nations closer together than ever before, we face a host of new and growing threats that seek to undermine those rules and values. As internal and external security become more and more entwined – with hostile networks no longer only rooted in state-based aggression and weapons designed not just to be deployed on the battlefield but through cyberspace – so our ability to keep our people safe depends ever more on working together. That is reflected here today in the world’s largest gathering of its kind, with representatives of more than seventy countries.

For our part, the United Kingdom has always understood that our security and prosperity is bound to global security and prosperity. We are a global nation – enriching global prosperity through centuries of trade, through the talents of our people and by exchanging learning and culture with partners across the world. And we invest in global security knowing this is how we best protect our people at home and abroad.

That is why we are the second largest defence spender in NATO, and the only EU member to spend 2 per cent of our GDP on defence as well as 0.7 per cent of our Gross National Income on international development. And it is why we will continue to meet these commitments.

PM’s Speech at Davos 2018

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Theresa May, the Prime Minister, addressed the World Economic Forum in Davos, Switzerland on the 25 January 2018.

Last year, on this platform, I argued that the benefits of free trade were not being felt by all. And I warned that the failure of political and business leaders to address this threatened to undermine popular support for the entire rules based system on which our global security and prosperity depends. But I also argued that we could change this. Not by turning our backs on free trade or the global rules based system – which together have delivered the greatest advances in prosperity we have ever known. But rather by doubling down on them and acting to ensure that the global economy works for everyone.

One year on, I believe there are grounds for optimism. Global growth has continued to strengthen, with the IMF estimating that global output last year grew by 3.7%. The populism of the Far Left and Far Right has not made the progress that some had predicted. And in the UK, we have seen productivity rising, unemployment at its lowest rate for over 40 years and more and more examples of government and business working together to bring new jobs and opportunities to communities across our country.

We have also seen important progress on global trade. The UK has been at the forefront of championing new trade deals, including the EU’s deals with Canada and Japan. The G20 has agreed commitments to tackle overcapacity in steel and the World Trade Organisation has made progress towards launching plurilateral discussions on digital trade.

And as we leave the European Union, the UK will continue to be a global advocate of free trade. Pushing for progress on WTO discussions; seeking to bring new partners to the table – and, of course, after we have left the EU, developing new bilateral deals with countries across the world. But there is much more to be done by the whole international community. And, frankly, too often our rhetoric in support of free trade here in Davos is not matched by our actions. The commitments on steel must be implemented.

A Deep and Special Partnership (Germany)

A deep and special partnership is a joint article by Philip Hammond and David Davis that appeared in Frankfurter Allgemeine Zeitung on 10 January 2018.

Today (10 January 2018) we’re both in Germany to highlight the important relationship that exists between our countries.

It’s a relationship built on shared interests and shared values, that has helped both our nations prosper and grow.

And while the UK will leave the EU next year, we can still look to the future with a shared vision — one that sees Germany, Britain and the EU continue to thrive, and our relationship remain strong and close.

Trade between the UK and EU 27 is worth €750 billion a year — and a quarter of EU exports to Britain, worth €113 billion, come from Germany, more than any other EU country.

Of course we understand that Germany and other EU countries want to protect the integrity of the single market, and that without all the obligations of EU membership third countries cannot have all the benefits.

Those priorities are not inconsistent with ours — a deep and special partnership with our closest trading partners and allies.

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