UK finance services exports to growing economies outside EU to rise after Brexit - Hammond

The scale of cooperation between UK financial service companies and EU businesses will be declining after Brexit with the UK companies eventually boosting their activities in fast-growing economies outside the bloc, UK Chancellor of the Exchequer, Philip Hammond, said.

"Over time we must expect EU business to be a gradually declining share of our financial services exports as a steadily rising proportion will be with the fast-growing economies beyond Europe. We are well equipped to make this transition," Hammond said at TheCityUK lobby group's annual dinner on Wednesday.

The official noted that the United Kingdom had always had a vision of itself as a part of the world, not just Europe, adding that the country was well positioned to develop trade relations with various expanding markets.

"Our Global Financial Partnerships strategy is an ambitious programme to build Financial Services links with sophisticated financial centres around the world  that will provide new levels of market access and new channels into emerging and developing economies for UK businesses. That strategy will utilise the new flexibilities at our disposal as we leave the EU," the official pointed out.

The transcript of Hammond's speech was published on the UK government's website.

The United Kingdom is set to leave the European Union in late March. The two sides have reached a withdrawal deal. However, it has not yet been approved by UK lawmakers, prompting fears of a no-deal Brexit both in Brussels and in London.