Philip Hammond tells the City he will protect its global position

UK chancellor hints he won’t tolerate protectionist measures from EU aiming to lure business away

The UK will not water down rules to protect its financial services sector in the wake of Brexit, the chancellor said on Wednesday as he sent a message to his counterparts in the EU that he would not tolerate protectionist measures being imposed to lure business way.

Philip Hammond also told his audience of financiers in a set-piece speech in the City that his priority was to devise policies that would allow the UK to retain its place as a leading global financial centre.

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