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Hammond: Brexit transition deal has averted City job losses

Posted on APRIL 21, 2018 12:00 AM

A damaging haemorrhage of jobs from the City has been averted by the signing of a Brexit transition agreement between the UK and the EU, according to an upbeat assessment of the economys prospects from Philip Hammond. Speaking in Washington, the chancellor said the mood among big US-owned financial institutions was much more positive than it had been before London and Brussels agreed to a 21-month implementation period after the UK officially leaves the EU next March. I have been in New York this week meeting the major players in the financial sector, said Hammond. We have been in constant contact since autumn 2016. They are not putting out the bunting but they are much more relaxed. It's time to stop believing in these 'magic' Brexit solutions Read more Hammond said firms had taken precautionary measures but were delaying taking any further steps. They have seen the commitments on an implementation period and they are waiting to see how we deliver that, he added. We have dammed the flow and avoided what could have been a haemorrhaging of jobs from the UK into the EU. The chancellor said the implementation period was especially important for regulated sectors of the UK economy such as financial services, pharmaceuticals and aviation. Hammonds comments came during the spring meeting of the International Monetary Fund. The IMF said this week that the UK was one of the few developed countries not to be benefiting from the global upswing in growth. (News By theguardian NEWS)

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