City lobby group kicks off talks with chancellor over Brexit plans

Jessica Morris
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The issue of passporting rights is expected to be a prominent feature (Source: Getty)

City heavyweights will meet with chancellor Philip Hammond today to discuss Brexit, the first in a series of industry roundtables due to take place over the coming months.

It will involve several members of the newly-created trade body European Financial Services Chairman’s Advisory Committee, including Baroness Vadera, the chairwoman of Santander UK and a former Treasury minister.

Read more: What you need to know about passporting

Much-desired passporting rights — which currently allow financial services firms which are authorised in the UK to operate throughout the European Economic Area — are likely to feature prominently.

While the talks will also involve the chancellor's upcoming Autumn Statement, the implications of the UK's vote to leave the European Union for the City are expected to take centre stage.

Read more: Two more investment banks now believe the UK will avoid a Brexit recession

"We want to ensure the continued investment that creates jobs and supports wage growth throughout this period of uncertainty ahead of the UK formally leaving the European Union," Hammond said.

"That means listening to businesses and organisations who represent working people all over the country, and taking the necessary steps to maintain economic stability."

Brexit secretary David Davis will next month begin a series of separate roundtables to engage with businesses ahead of formal negotiations with the EU, with City officials expected to be first in line.