Hammond and Carney Visit India to Promote Post-Brexit VisionBy
Chancellor of Exchequer and U.K. central banker join forces
Aim is to ‘bang the drum for British business,’ strike deals
Chancellor of the Exchequer Philip Hammond and Bank of England Governor Mark Carney are headed to India “to bang the drum for British business,” and make the case that London will remain a main finance hub even after Brexit.
The trip to New Delhi and Mumbai comes on the heels of the U.K. formally triggering two years of exit talks from the European Union. Alongside the messiness of that divorce, the U.K. needs to pursue new business deals. India is a tantalizing prize given the size of its economy and appetite for better roads, bridges and power supplies.
Hammond, accompanied by a delegation of ministers and business leaders, will stress the importance of the City as a place that can finance projects great and small, be it in the realm of technology or infrastructure. The Treasury is estimating India may need over $1.5 trillion of capital for infrastructure investment alone in coming years.
“The U.K. is perfectly placed to be India’s financial partner of choice, helping it to raise the finance needed for its continued rapid growth," Hammond said. As Britain leaves the EU “looking to boost our trade and investment beyond the borders of Europe and strengthening our relationships with the world’s most vibrant economies is more important than ever.”