Chancellor courts India for UK finance

by Paul Nicholson

UK Chancellor Phillip Hammond and Bank of England Governor Mark Carney visit India next week to promote UK finance to Indian companies, reports Bloomberg.

Speaking ahead of the trip to Delhi and Mumbai, Hammond said: “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’.

Hammond and Carney are travelling with a delegation including Andrew Bailey, head of the FCA, commercial secretary Baroness Neville-Rolfe, trade minister Mark Garnier and UK leaders in financial services.

The trip will include a meeting with Indian Finance Minister Arun Jaitley. India, which created 7,000 jobs in the UK last year, is the fastest growing large economy with growth predicted at 7.1 percent in 2017.