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"No question" government will address the City's fears over Brexit says David Davis

Mark Sands
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The Conservative Party Conference 2016 - Day One
Brexit secretary Davis has previously said the UK would seek the "freest possible" trade with Europe (Source: Getty)

Brexit secretary David Davis has vowed to “resolve” fears from the City over the loss of access to European markets in the aftermath of leaving the EU.

Speaking at the Conservative party conference in Birmingham, Davis said the government was working to minimise risks to the financial services sector.

London mayor Sadiq Khan has been among those calling for protection for passporting rights which allow them to sell financial services across the continent.

And Davis today said: “We will set about making sure that the things that people are worrying about like passporting are resolved, there's no question there.”

British Bankers Association chief executive Anthony Browne welcomed Davis' remarks.

"It's good that David Davis is thinking about this issue, which is critical for both banks and the UK's ability to do business in the EU," Browne said.

Treasury Select Committee member Stephen Hammond added: "This is a recognition that this is a significant issue for the UK. We all want to make a success of Brexit, and that means getting a good deal for financial services."

Speaking in Birmingham, Davis also said that any good deal for Britain would boost sectors like the City and automakers.

"We want the car manufacturing industry to be doing better, we want the finance sector to be doing better, with no constraints on them," he said.

The Haltemprice and Howden MP also said that the CIty’s position as a global financial centre would not be hit by Brexit, noting that European cities have long sought to lure businesses out of London and onto the Continent.

Most recently, French president Francois Hollande has talked about the potential for euro clearing to move from the UK.

“There’s a lot of dreaming going on by politicians who don’t really know the industry they’re talking about,” Davis said.

“We have big advantages and we will exploit those advantages and we will make it work.”

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