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Philip Hammond met with Brazil’s finance minister Henrique Meirelles to discuss post-Brexit links
The Chancellor secured new partnerships with Brazilian firms after he met with investors and led talks in the nation’s capital Brasília yesterday.
Mr Hammond said: “Today’s [Monday] dialogue has created exciting new opportunities for partnership between the UK and Brazil, Latin America’s largest economy.
“I am very pleased to be accompanied by executives from some great British companies with world-leading expertise, to help facilitate deeper economic and trade links between our two countries.”
Following the talks the Treasury announced support for trade via UK Export Finance is set to double to up to £3billion.
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Mr Hammond said that the talks created ‘exciting new opportunities for partnership’ with Brazil
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It was also announced that Brazil’s Granito Group will base the headquarters of its new global investment bank – Granito & Capital – in London.
Meanwhile, UK-based GP Laboratories plan to export £11million of pharmaceuticals to Brazil over the next five years.
The Chancellor also declared that Brexit “will not be delayed or postponed” as he added that UK “will leave the union” on March 29, 2019 during a press conference in Brazil.
He continued: “But that trading relationship will not be based on membership of the European Union, it will be based on treaty – just like a future trading relationship with Brazil will be based on a treaty.
Today’s [Monday] dialogue has created exciting new opportunities for partnership between the UK and Brazil, Latin America’s largest economy
Philip Hammond
“We will be seeking to strengthen and deepen our ties with trading partners around the world – including Brazil.”
Among those accompanying Mr Hammond in Brazil were senior figures from the London Stock Exchange, Transport for London, Bank of England, Crossrail International and the Green Investment Bank.
International trade minister Mark Garnier and Treasury minister Steve Barclay were also on the trip.
The news comes as the director of Institute for Fiscal Studies claimed Mr Hammond may have to U-turn on the Tories manifesto pledge to eliminate the deficit by 2027.
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Mr Hammond is now due to travel to Argentina
Philip Hammond will deliver his Autumn Statement to MPs at the House of Commons detailing the government’s spending and taxation plans today
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He described the legalisation of same sex marriage as “damaging” for the Conservative Party but also said in time he will come to terms with the change
Paul Johnson, director of Institute for Fiscal Studies said: “Given the scale of austerity we’ve seen, and given the uncertainties over the next few years, it’s risky to tie yourself to any specific date in the the next decade.
“In some ways the existing target does not look super challenging, because the government’s plan is to have a pretty small deficit by 2020 then eliminate the rest slowly. Economic uncertainty, even in small extra steps, may be challenging and the population is ageing rapidly so it’s more challenging than it looks.”
But the Treasury said that the suggestion was speculation.
Mr Hammond is now due to travel to Argentina, where the Treasury said he will meet president Mauricio Macri and senior ministers as well British and Argentine businesses.
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