Sajid Javid has called in 20 of the City’s most senior figures for talks in an effort to convince a hitherto-sceptical constituency that a no-deal Brexit presents opportunities for the UK financial services industry.
Sky News has learnt that the chancellor and John Glen, the City minister, will hold talks on Monday with executives from companies including Barclays, Goldman Sachs and the London Stock Exchange Group.
Sources briefed on the meeting’s agenda said it would address “Brexit opportunities and challenges”, and that it was not intended to cover the Whitehall spending review that Mr Javid will unveil this week.
The summit will be the first substantive Brexit discussion that Mr Javid has held with senior financiers since becoming chancellor in July.
Those invited to the meeting include: Jes Staley, Barclays chief executive; Baroness Vadera, Santander UK chair; David Schwimmer, London Stock Exchange Group chief executive; Bruce Carnegie-Brown, chairman of Lloyd’s of London; and Sir Howard Davies, chairman of Royal Bank of Scotland.
A significant number of those due to attend the talks with Mr Javid have argued publicly against a no-deal Brexit on the basis of its prospective impact on the UK economy and the City’s ability to retain its status as leading global financial centre.
Many of the companies that will be represented at Monday’s meeting have put in place extensive and costly contingency plans to enable them to continue trading with EU member states after 31 October.
These have included securing licences in other EU countries and relocating employees to offices within the bloc.
Some of the companies invited to meet Mr Javid, such as Nationwide, are domestically focused, while others, including Standard Chartered, have a comparatively limited presence in the UK.
Among the other notable names attending the meeting are Antonio Horta-Osorio, chief executive of Lloyds Banking Group; Paul Manduca, Prudential chairman; Noel Quinn, interim CEO of HSBC Holdings; Richard Gnodde, chief executive of Goldman Sachs International; Daniel Pinto, Co-president and chief operating officer of JP Morgan Chase; Jon Dye, chief executive of Allianz UK; and Sir Adrian Montague, the Aviva chairman.
Some of the attendees work for companies including Goldman and JPMorgan, which made substantial donations to the campaign to remain in the EU.
The Treasury declined to comment ahead of Monday’s meeting.