High skilled EU migrants EXEMPT from post-Brexit migration controls, Philip Hammond claims

RESTRICTIONS on immigration following Brexit may not apply to “highly-skilled” European bankers and businessmen, Chancellor Philip Hammond has claimed.

Philip HammondGETTY

Chancellor of the Exchequer Philip Hammond seeks to protect City of London

Appearing in front of the House of Lord’s Economic Committee, Hammond sought to reassure international financial markets and protect Britain’s economic outlook with his plans.

He stated: “We could certainly facilitate the movement of highly skilled people between financial institutions and businesses in order to support investment in the UK economy.”

Hammond also suggested that highly-skilled doctors may also be allowed free movement within the EU.

But the Chancellor was quick to point out that such allowances would not be extended to the wider European public.

City of LondonGETTY

Bankers and businessmen may be allowed free movement across Europe

He said: “We cannot accept uncontrolled free movement of people – that’s the political outcome of the referendum decision that was made.”

Hammond’s eagerness to ensure that Brexit immigration policies protect the City of London’s dominance as a global financial hub comes after a swipe by France’s president Francois Hollande, who suggested that London would be unable to maintain its position as the financial centre of Europe.

The Chancellor’s announcement is likely to reassure global investors that Britain will remain in a strong position, despite the exact terms of the country’s exit from the crumbling bloc still not being clear.

Pound coinsGETTY

Hammond seeks to protect the British economy with his plans

Prime Minister Theresa May has so far refused to trigger Article 50, claiming that she will not formalise Britain’s exit until next year, allowing time for negotiations.

But despite May’s refusal to formalise exactly what the impact of Brexit will be, Hammond is keen to ensure the City of London is given special treatment that recognises its “complex eco-system”.

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