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Lord Hammond says the British economy needs to be a primary focus going forward

Thursday 26 October 2023

Lord Philip Hammond, former Chancellor of the Exchequer, joined the City of London Chamber (CoL) on 17 October at the Guildhall for an open discussion on the future of the financial sector in the United Kingdom.

The breakfast was kindly organised by Alderman Prem Goyal, founding chair of CoL Chamber and took place in the private dining room of the Guildhall. The turnout was impressive with the audience including prominent political figures such as the City of London Corporation Policy Chairman Chris Hayward.

Lord Hammond spoke about the part that the financial sector should play in the British economy going forward, stressing that the keyword for it needs to be “growth”.

“If Britain is to prosper, if the North of England is to prosper, it is essential to cement the position of the engine that is the financial sector driving the British economy and global economy”, he stated.
Lord Hammond added that as “the world is changing, it’s not the capital that flows in the European countries that Britain needs to be mindful of, but rather the capital that flows into Asia”, highlighting the need to look at international markets outside of the former ones.

A stimulating Q&A session began which saw many of the guests posing questions to Lord Hammond.

ENDS

About the City of London Chamber: 

The London Chamber of Commerce and Industry has launched the City of London Chamber, a business group within LCCI, to convene, support and champion businesses within the Square Mile as it is imperative that businesses operating in the Square Mile have targeted support to grow and prosper.

For more information, visit LCCI's City of London Chamber page.

About the London Chamber of Commerce and Industry: 

LCCI is London’s key hub for the business community. We are accredited by the British Chambers of Commerce and support our members’ businesses through a range of services, products, and events. We are committed to creating business connections and opportunities, and advocate on behalf of London’s business community.

For more information, visit LCCI website.

Media contacts: 

James Watkins – Head of Policy and Public Impact 
E: jwatkins@londonchamber.co.uk 
T: +44 20 7203 1949

Vittoria Zerbini - Media Assistant 
E: vzerbini@londonchamber.co.uk 
M: +44 7831 637843