Bloomberg Talks
Jeremy Hunt Talks UK-Switzerland Agreement
Dec 21, 2023
Jeremy Hunt, UK Chancellor of the Exchequer, discusses the new UK-Switzerland financial agreement, future trade agreements, strikes in Britain, and inflation negotiations. They also explore the possibility of future tax cuts and the benefits of lowering interest rates.
07:09
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Quick takeaways
- The UK-Switzerland financial agreement focuses on allowing companies to operate in each other's countries while following their own regulations, setting a template for future agreements and maintaining the UK's sovereignty.
- The UK government's commitment to controlling inflation and reducing the tax burden through disciplined approaches and reforms aims to maintain London's status as a financial hub and address strikes for industrial harmony.
Deep dives
Groundbreaking Financial Agreement Between Switzerland and the UK
The financial agreement between Switzerland and the United Kingdom is significant for several reasons. Unlike previous trade deals, this agreement focuses on allowing Swiss and British companies to operate in each other's countries while following their own regulatory frameworks. This is particularly important for sectors like wholesale insurance, asset management, and banking. The deal sets a template for future agreements with other countries as the UK seeks to boost choice and competition while maintaining its sovereignty. It also aims to keep the banking sector in the UK amidst discussions of financial hubs potentially relocating to other European cities.
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