Hammond to Say U.K. Must Attract Global Talent to Power Economy

Chancellor of the Exchequer Philip Hammond will say the U.K. must continue to attract talent from abroad and chase new business in booming financial technology to boost its economy after Brexit.

Hammond has been making trade overtures outside Europe, to nations such as India, to offset the effects of Britain leaving its biggest market.

“We need to continue to attract the brightest and the best from around the world to these shores," he will say in a speech in London Wednesday, according to extracts released by the Treasury. "Our vision of an outward-looking, global Britain will deliver the high-skilled, high-wage economy of the future that will power the higher living standards we all want to see for future generations."

Hammond’s emphasis on the need to attract highly-skilled migrants comes days after Prime Minister Theresa May left open the possibility that freedom of movement could be part of a transitional agreement with the EU if divorce talks aren’t concluded within the two years allotted.

Retaining the ability to attract staff from other countries has been a key concern for the City of London, which voted overwhelmingly to stay in the EU.

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