Tuesday 6 March 2018 / 10:30 PM Economy / John McDonnell

John McDonnell responds to Philip Hammond’s speech

John McDonnell MP, Labour’s Shadow Chancellor, responding to Philip Hammond’s speech tomorrow (Wednesday) on Financial Services after Brexit, said:

“The Chancellor has shown his hand, and it is clear he is looking for a TTIP type deal as his blueprint. Yet those negotiations took nearly four years and collapsed, which is why a transition period is critical.

“Philip Hammond also seems to have ignored the manufacturing sector, which is why we would seek to negotiate a comprehensive UK-EU customs union as part of the final deal. He should remember that he is the Chancellor of the Exchequer for all of our country, and not just the City of London.

“Just like Theresa May’s speech on Friday this is too little, too late. It would also not be taking back control, but rather handing control to a group of corporate lawyers in any TTIP-style investor-state dispute.”