Brexit Britain 'open for business' as Philip Hammond hawks investment opportunities in China

G20 negotiators are meeting in Chengdu, central China to discuss global economic issues

Hazel Sheffield
Friday 22 July 2016 10:40
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Hammond will be joined by business leaders from HSBC, Standard Life and Aberdeen Asset Management in Beijing and Hong Kong
Hammond will be joined by business leaders from HSBC, Standard Life and Aberdeen Asset Management in Beijing and Hong Kong

Philip Hammond has travelled to China to meet policymakers from leading market economies in China and make the case that Britain, post-Brexit, is still very much open for business.

G20 negotiators are meeting in Chengdu, central China to discuss global economic issues. The outcome of the EU referendum is expected to be top of the list.

Hammond is attending with the a mandate to boost the UK's trade partnerships beyond Europe.

"My focus in China will be on promoting British business opportunities, including in the financial services sector, where Britain is a world leader. Britain is open for business and one of the most attractive destinations in the world for international investment," he said.

He will tell the trading nations that the UK's low tax economy makes it a good international trading partner.

The Treasury said that Hammond was especially keen to build on "the golden era" declared during President Xi's visit to the UK last year and reassure investors that the UK's decision to leave the EU will not affect the global parnership between the two nations.

"We have built a strong economic relationship with China and as Chinese investments into the UK continue to diversify and as UK exports grow, Sino-UK relations are more important than ever," Hammond said.

Hammond will be joined by business leaders from HSBC, Standard Life and Aberdeen Asset Management in Beijing and Hong Kong.

There have been fears that firms will hold back from investing in the UK because of uncertainty surrounding how and when the UK will sever its ties with the EU.

However Sheffield City Council confirmed on Thursday that it had signed a 60-year £1 billion partnership with Sichuan Guodong Construction.

The first £220 million tranche of the money will fund four or five city-centre projects during the next three years, securing a stream of investment into the city for the next generation.

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