India and Saudi Arabia latest targets of Brexit trade bids

Continued efforts to build a post-Brexit trade future for the UK have seen Prime Minister, Theresa May, courting the Middle East whilst Chancellor of the Exchequer, Philip Hammond visits India.

Prime Minister Theresa May embarked on a Middle East trip on Monday while Chancellor of the Exchequer Philip Hammond was in India as part of a continuing effort to build a post-Brexit trade future for the UK.

Pressing ahead in building global networks

Although Britain is not allowed to reach new trade deals until the so-called “divorce” negotiations from the European Union are complete, the government in London is determined to press ahead with building global networks that could pave the way for such deals.Mr Hammond is being accompanied on the trade mission to Delhi and Mumbai by Mark Carney, governor of the Bank of England, and senior financial services executives FinTech entrepreneurs. The primary aim is to convince Indian businesses to use the expertise of the City of London in what Mr Hammond described as “an exciting new phase of our economic history”.He added, “The UK is perfectly placed to be India’s financial partner of choice, helping it to raise the finance needed for its continued rapid growth and my message will be ‘make in India, finance in the UK’.“Our innovative markets have helped support the development of whole new product classes such as masala bonds that will support India’s transformation.“I’m delighted to be leading such a heavyweight delegation to India to bang the drum for British business. I am determined to create a truly global Britain, reaching out and promoting the best of what we have to offer.