{"id":92293,"date":"2018-05-24T17:12:01","date_gmt":"2018-05-24T17:12:01","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=174bbfb764d5368132cb5ca13747d9d5"},"modified":"2018-05-24T17:12:01","modified_gmt":"2018-05-24T17:12:01","slug":"speech-european-business-summit-chancellor-speech","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=92293","title":{"rendered":"Speech: European Business Summit: Chancellor speech"},"content":{"rendered":"
\n

Thank you for inviting me to speak at this conference, and to address this distinguished group this afternoon.<\/p>\n

It\u2019s apt that I speak today on the anniversary of another momentous event for European unity and shared values.<\/p>\n

Sixty-two years ago today \u2013 as a war-torn Europe rebuilt itself \u2013 countries across our continent came together to form a positive vision of a tolerant, free Europe\u2026<\/p>\n

\u2026where talent and hard work was recognised\u2026<\/p>\n

\u2026and established a new pan-European partnership.<\/p>\n

I am not speaking about the Treaty of Rome, or the formation of the European Economic Community\u2026<\/p>\n

\u2026but of the first Eurovision Song Contest.<\/p>\n

And I can tell you that today, the Eurovision Song Contest is one of the very few issues that generates as much debate and strength of feeling in the UK as the European Union itself does.<\/p>\n

But we all take part in it\u2026<\/p>\n

\u2026and we all accept the rules of it. Even when we lose.<\/p>\n

And today, I want to reflect on the enduring shared values of our continent\u2026<\/p>\n

\u2026and on the shared opportunities, and the shared challenges that lie ahead.<\/p>\n

And this summit\u2026<\/p>\n

\u2026bringing together leaders from both government and businesses\u2026<\/p>\n

\u2026comes at an important time for our continent:<\/p>\n

Because while the global and European economies have recently enjoyed a period of relative strength\u2026<\/p>\n

\u2026we cannot take this for granted\u2026<\/p>\n

And the geopolitical context is increasingly uncertain\u2026<\/p>\n

\u2026whether it\u2019s the presence of an emboldened and re-arming Russia on Europe\u2019s eastern doorstep\u2026<\/p>\n

\u2026the ongoing escalation in tensions across the Middle-East\u2026<\/p>\n

\u2026or uncertainty around the policy of Europe\u2019s largest trading partner, the US, on trade and tax reform.<\/p>\n

And governments across Europe\u2026<\/p>\n

\u2026and indeed around the world\u2026<\/p>\n

\u2026are having to manage a rising tide of sentiment among our electorates, against the conventional wisdom of free trade, globalisation, and the benefits of the liberal market economy\u2026<\/p>\n

\u2026an argument that as leaders in government and business we must make all over again;<\/p>\n

These are challenges that face all of us across this continent\u2026<\/p>\n

\u2026challenges we must confront if we are to deliver the security, prosperity and higher living standards for our citizens for which we all strive.<\/p>\n

But my message this afternoon is that there are significant shared opportunities too\u2026<\/p>\n

One such opportunity that I spend a lot of time talking about, is presented by the coming technological revolution\u2026<\/p>\n

\u2026a revolution that will shape people\u2019s lives and have far-reaching implications for our economic model\u2026<\/p>\n

\u2026and will have a long-term impact on all our economies, far bigger in scale than the United Kingdom\u2019s decision to leave the European Union.<\/p>\n

Of course, such profound change brings with it major challenges\u2026<\/p>\n

\u2026such as evolving our tax and regulatory systems\u2026<\/p>\n

\u2026our competition policies, so they are fit for\u2026<\/p>\n

\u2026for the digital age\u2026<\/p>\n

ensuring that our people have the skills they need to prosper in a world of increasing automation;<\/p>\n

and convincing them that everyone can share in the proceeds of this technological change and the economic growth that can flow from it\u2026.<\/p>\n

At a time of unprecedented scepticism of our liberal market economic and political model\u2026<\/p>\n

That requires collaboration and cooperation.<\/p>\n

And if we want European values and interests to prevail in this debate we must ensure that Europe speaks with one voice.<\/p>\n

Of course, as Chancellor of the Exchequer of the United Kingdom, my most immediate priority is our negotiation with the EU\u2026<\/p>\n

\u2026but the point is, that the challenges and opportunities facing our economies and societies are shared challenges and common opportunities\u2026<\/p>\n

\u2026And our shared values and shared history\u2026.<\/p>\n

\u2026go back far beyond our membership of the European Union\u2026<\/p>\n

\u2026or even Eurovision\u2026<\/p>\n

\u2026and they will continue far beyond the timeframe of Brexit.<\/p>\n

And our continent\u2019s shared commitment to economic openness, democratic values and human rights\u2026<\/p>\n

\u2026.and our shared belief in the power of the liberal market economy to deliver rising living standards for all of our people\u2026<\/p>\n

\u2026remains unshakable.<\/p>\n

With our different history, culture, and outlook, the British people decided that the deep political integration to which the EU institutions increasingly aspire, was simply not right for Britain\u2026<\/p>\n

\u2026but the British people have not, and never will, turn their backs on free, open and fair trade with our European neighbours. That is an established part of our economic culture \u2013 going back to Hanseatic times and earlier.<\/p>\n

Britain is leaving the political institutions of the EU; but it is not leaving Europe<\/p>\n

And British prosperity is, and always will be, closely bound to European prosperity.<\/p>\n

So Europe\u2019s success \u2013 and the success of the Euro as a currency \u2013 is very strongly in Britain\u2019s interest, and we will not do anything which jeopardises that success.<\/p>\n

Our economy is recognisably a European-style economy\u2026<\/p>\n

\u2026with high levels of consumer and worker protection, a highly developed social welfare system and strong environmental standards\u2026<\/p>\n

\u2026and it is the clear wish of the British people, regularly demonstrated, to keep it that way\u2026<\/p>\n

\u2026as we build a new deep and special partnership with the European Union.<\/p>\n

We have made significant progress since Article 50 was triggered, just over a year ago\u2026<\/p>\n

\u2026both in our own internal debate about what Brexit should mean\u2026<\/p>\n

\u2026and in our negotiation with the EU.<\/p>\n

The first stage in the negotiations successfully settled many withdrawal issues, including the UK\u2019s financial obligations, in December.<\/p>\n

And in March we reached agreement on a transition period, running until the end of 2020\u2026<\/p>\n

\u2026 during which businesses can operate exactly as before\u2026<\/p>\n

\u2026ensuring only one set of changes, at the end of that period, that businesses have to navigate.<\/p>\n

We are now focussed on our future customs relationship, and our future economic partnership, and I\u2019ll briefly say a bit about both.<\/p>\n

I know that for business getting clarity on our future customs relationship is a top priority\u2026<\/p>\n

\u2026and so it should be a top priority for European governments too.<\/p>\n

EU27 businesses export more services to the UK than to any country outside the EU.<\/p>\n

Almost 80% of Irish poultry exports go to the UK\u2026<\/p>\n

\u2026one eighth of German automotive exports\u2026<\/p>\n

\u202610% of all French cheese exports.<\/p>\n

And here in Belgium, almost half of the total tonnage handled at the port of Zeebrugge last year, went to, or came from, the UK \u2013 up from just a third in 2011.<\/p>\n

Over 1 million cars were transported between Europe and the UK via Zeebrugge\u2026<\/p>\n

\u2026up 80% on seven years ago.<\/p>\n

The UK is exploring two possible future customs models\u2026<\/p>\n

\u2026both are \u201cworks in progress\u201d with more work to be done\u2026<\/p>\n

\u2026but we are confident that, building on the work we have done already on these models\u2026<\/p>\n

\u2026we can develop a solution that responds to the concerns of business\u2026<\/p>\n

\u2026minimises frictions and burdens at and behind the border\u2026<\/p>\n

\u2026avoids new barriers in Ireland\u2026<\/p>\n

\u2026and sustains our trade with the EU27.<\/p>\n

And beyond customs, we seek a comprehensive future economic partnership \u2026<\/p>\n

\u2026a partnership that protects the supply chains and established trade relationships that I have just talked about\u2026<\/p>\n

\u2026 safeguards the jobs and businesses that depend on them on both sides of the Channel\u2026<\/p>\n

\u2026and promotes the values we share across the continent of Europe.<\/p>\n

And of course, in doing so, we don\u2019t have to start from scratch.<\/p>\n

The UK and EU27 are in a unique positon:<\/p>\n

\u2026with deeply interconnected economies and supply chains\u2026<\/p>\n

\u2026a starting point of common regulatory standards and regimes\u2026<\/p>\n

\u2026and unrivalled collaboration in everything from trade, security and defence\u2026<\/p>\n

\u2026to people to people exchange, education, science, technology, culture and many other shared areas.<\/p>\n

There are a range of possibilities for the shape that our future relationship could take\u2026<\/p>\n

\u2026and those of you who follow UK media, as I know many of you do, will recognise there is a range of views in the UK about those options.<\/p>\n

And we will set out in the coming weeks more detail on the British Government\u2019s ambition for a mutually beneficial future relationship between the EU and the UK\u2026<\/p>\n

\u2026in the context of our vision for the UK\u2019s future role in the world.<\/p>\n

For example, we\u2019ll seek a comprehensive system of mutual recognition to ensure that, as now, products only need to undergo approvals in one country to show that they meet regulatory standards across Europe;<\/p>\n

We\u2019ll explore the terms on which the UK could maintain a continuing relationship with EU agencies, such as those for chemicals, pharmaceuticals, and aerospace, so that they continue to benefit from UK expertise and we can deliver such a system of single approvals;<\/p>\n

On services we have the opportunity to establish a broader agreement than has ever been done before, including continued recognition of professional qualifications, and a labour mobility framework that enables travel to provide services to clients in person.<\/p>\n

We seek a bespoke partnership in financial services, that will enable the ongoing delivery of cross-border financial services in both directions, while protecting financial stability and maintaining fair competition.<\/p>\n

I believe it is very much in our mutual interest to maintain access to London\u2019s financial services market for Europe\u2019s business and citizens.<\/p>\n

We manage in the UK more than EUR1.5 trillion of assets on behalf of EU clients;<\/p>\n

Around two-thirds of debt and equity capital raised by EU corporates is facilitated by banks based in the UK.
\n78% of European Forex trading and 74% of European interest rate derivatives trading takes place in the UK.
\nThese are services that businesses rely on to run their operations efficiently, with the benefit passed on as lower prices for consumers in all 28 EU countries\u2026<\/p>\n

\u2026and more competitive exports to the rest of the world.<\/p>\n

And we should be under no illusion about the significant additional costs if this highly efficient market in London were to fragment.<\/p>\n

Costs that would be borne by Europe\u2019s businesses and consumers.<\/p>\n

And more prosaically, while we are working through the spectrum of issues in relation to our future relationship\u2026<\/p>\n

\u2026we are also making progress with the introduction, application and transformation of the many technical systems
\nand processes that underpin the trade relationship between the UK and EU so that we are ready for exit whatever our future relationship.<\/p>\n

But reaching a vision of a deep and comprehensive future relationship will only be possible if both sides want it.<\/p>\n

A deal only works if it works for both parties as we say: \u201cit takes two to tango\u201d.<\/p>\n

And I am saying this to you this afternoon, because I fear that many EU opinion-formers in government and in business, see the Brexit challenge as simply one for the UK to resolve.<\/p>\n

And I understand the temptation to say \u201clet the brit\u2019s sort out what they want \u2013 and then come back to us\u201d.<\/p>\n

But this has to be a two-way conversation.<\/p>\n

Because the final deal won\u2019t be determined simply by what Britain wants\u2026<\/p>\n

\u2026it can\u2019t be just about British prosperity and British jobs\u2026<\/p>\n

\u2026it must also be about European prosperity and jobs.<\/p>\n

And if EU27 Member States don\u2019t want to have a close future economic, security, technical relationship with the UK\u2026<\/p>\n

\u2026then it won\u2019t happen.<\/p>\n

So we need a frank conversation about our shared appetite for such a future close partnership.<\/p>\n

Do we both want it? Or don\u2019t we?<\/p>\n

If we do, let\u2019s focus on making a deal that works.<\/p>\n

Personally, I passionately believe that all of us in this room, and across Europe, should be interested in an outcome that properly reflects the 45 years that we have spent together as members of the EU\u2026<\/p>\n

\u2026that reflects our shared history and shared values\u2026<\/p>\n

\u2026and looks forward to the challenges and the opportunities, which we will face so much more effectively by working together.<\/p>\n

There is no denying that there are a range of complex issues to resolve\u2026<\/p>\n

\u2026but I believe that with the political benefits articulated by the Member States; with the economic logic, articulated by the voice of business\u2026<\/p>\n

\u2026we can make the case for a close future partnership \u2013 the UK, the EU; governments and businesses\u2026<\/p>\n

\u2026working in the common interests of all of our citizens.<\/p>\n

Ensuring Europe\u2019s voice in the world\u2026<\/p>\n

\u2026a strong voice for the values that reflect the lessons of our Continent\u2019s long and turbulent history\u2026<\/p>\n

\u2026at a time when others sometimes appear tempted to forget those lessons\u2026<\/p>\n

\u2026to step away from those values.<\/p>\n

So let us resolve today to work together to ensure that all of Europe remains an open, outward looking free-trading Continent\u2026<\/p>\n

\u2026attracting talent and capital from around the world.<\/p>\n

Let us build a future partnership that we can be proud of\u2026<\/p>\n

\u2026one that will stand the test of time<\/p>\n

\u2026and that will support the prosperity, security and living standards of our children, and our children\u2019s children.<\/p>\n

The voice of business a decisive influence as we take this debate forward\u2026<\/p>\n

\u2026and I look forward to the common sense, pragmatism and economic logic of business playing a crucial role as we shape our future relationship<\/p>\n

Thank you.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Chancellor of the Exchequer, Philip Hammond’s speech at the European Business Summit 2018.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/92293"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=92293"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/92293\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=92293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=92293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=92293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}