Shadow chancellor John McDonnell has slammed Chancellor Philip Hammond’s speech on the financial services industry, arguing that this priority was to protect financial services, rather than ensuring a good deal for every sector.

McDonnell argued: “We recognise the important of financial services” but said “the time for special treatment is over.”

A Brexit deal “has to work for the people who create wealth, not just those who accumulate wealth”, he stated.

Yesterday, Hammond said the assertion that financial services cannot be part of a free trade agreement between the UK and the EU post-Brexit must be challenged.

“It is in the interest of both the UK and the EU27 to ensure that EU businesses and citizens can continue to access the UK Financial Services Hub”.

“The UK Financial Services hub is an engine that powers the real economy not just in the UK, but right across Europe. Because the fact is that the UK financial services hub is not just a British asset but a European asset too supporting businesses, savers and citizens across the EU serving the whole of our continent, as well as the world beyond. And not just serving Europe but powered by the talent of hundreds of thousands of Europeans who work in it,” he stated.

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