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Osborne meets banking chiefs over post-Brexit 'economic challenges'

Published 07/07/2016

The Chancellor stressed the need to ensure London remained one of the globe's key financial centres
The Chancellor stressed the need to ensure London remained one of the globe's key financial centres

George Osborne has moved to try to calm post-Brexit jitters in London's economically pivotal banking sector.

After meeting senior figures from Goldman Sachs, Standard Chartered, Morgan Stanley, and Bank of America Merrill Lynch, the Chancellor stressed the need to ensure the capital remained one of the globe's key financial centres.

A joint statement from Mr Osborne and the bankers said: "Britain's decision to leave the EU clearly presents economic challenges which we are determined to work together to meet.

"We will also work together to identify the new opportunities that may now become available so that Britain remains one of the most attractive places in the world to do business.

"One of Britain's key economic strengths is that it is a world-leading financial centre.

"It has one of the most stable legal systems in the world, a brilliant workforce and deep, liquid capital markets unmatched anywhere else in Europe, all of which are underpinned by world-class regulators.

"In recent years it has established itself as a global hub for renminbi, rupee, Islamic finance and green finance, as well as leading in new markets such as FinTech.

"Today we met and agreed that we would work together to build on all this with a common aim to help London retain its position as the leading international financial centre."

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