The Chancellor is to urge Indian businesses to use the expertise of the City of London in the latest attempt by ministers to build trade links outside the European Union.
Philip Hammond’s trade mission to Delhi and Mumbai is part of an effort to build a partnership with India as it tries to forge a future as a global manufacturing powerhouse.
Officials believe the triggering of Article 50, formally starting the Brexit process, makes the trip a significant opportunity for Mr Hammond to highlight the UK’s new role in the world.
Mr Hammond said the UK was about to embark on an “exciting new phase of our economic history”.
The delegation accompanying the Chancellor includes Mark Carney, the Bank of England governor, and ministers including Baroness Neville-Rolfe, the Commercial Secretary, and Mark Garnier, Minister for International Trade.
The Treasury said business figures on the trade mission include some of the UK’s most experienced leaders in financial services and FinTech – financial technology – entrepreneurs.
The UK is the world’s largest exporter of financial services and the leading centre for FinTech.
Mr Hammond said: “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.
“As we leave the EU and embark on an exciting new phase of our economic history, looking to boost our trade and investment beyond the borders of Europe and strengthening our relationships with the world’s most vibrant economies is more important than ever.”
In a reference to Indian prime minister Narendra Modi’s “make in India” agenda, Mr 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’.
“Our innovative markets have helped support the development of whole new product classes such as masala bonds that will support India’s transformation.”
PA
