City of London bankers will head to Brussels to seek a post-Brexit deal

The Canary Wharf business district - REUTERS/Toby Melville

A team of City of London bankers and business leaders will head to Brussels this week to push EU leaders for a post-Brexit deal to reduce restrictions on finance services.

The group will be led by Mark Hoban – a former City minister – who will tell EU leaders that a bad deal for the City would be a bad deal for Europe because the City processes the finances of many European countries.

The City of London processes 80% of foreign exchange trading and 30% of all bank loans in the EU.

Mark Hoban’s delegation will propose a ‘mutual access’ plan which would allow UK and EU member states to trade in each other’s markets without barriers.

The trip comes amid attempts by the government to woo British business and the City, with Chancellor Philip Hammond giving a speech on Monday to the Confederation of British Industry, where he’s expected to tell business and banks the government will listen closely to their concerns as Brexit talks proceed.

Business leaders have in the past complained about the government’s lack of attention to their Brexit worries. The prime minister has had far fewer regular meetings with business leaders than her predecessor David Cameron.

Brexit Secretary David Davis will also attempt to woo over business, he is expected to host key business leaders later this week in Chevening House – his official country residence.

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