March 8, 2018 / 12:38 PM / 3 months ago

UK should not favour financial services in Brexit -Labour Party

LONDON, March 8 (Reuters) - Britain should not favour financial services over other sectors of the economy as it negotiates its future trading relationship with the European Union after Brexit, Labour Party finance spokesman John McDonnell said on Thursday.

McDonnell said Conservative finance minister Philip Hammond had been wrong to suggest on Wednesday that parts of the TTIP trade agreement could be a model for future ties between Britain and the EU, as it favoured lawyers and big corporations.

“It is now clear that the government’s priorities are to win a deal for financial services first and then worry about the rest of the economy later,” he told the annual conference of the British Chambers of Commerce.

“There is no other reason to raise a specific deal for financial services, even if it is as bad and fantastical as proposed, while just last week refusing to negotiate a new customs union that would protect our manufacturing trade,” he added.

“We need a government that pays a little less time to the rentiers and speculators and more time for those who work in and out of businesses and run companies.” (Reporting by David Milliken and Andrew MacAskill; editing by Stephen Addison)

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