Chancellor Philip Hammond will start a major trade mission to India by flying the flag for Britain’s financial services industry as he looks to secure a business boost post-Brexit.
The first day of Mr Hammond’s two-day trip to Delhi and Mumbai will see the Chancellor lead a senior delegation in talks with Indian finance minister Arun Jaitley over establishing a new economic and trading partnership between the two countries.
Bank of England governor Mark Carney and international trade minister Mark Garnier are among those on the British trade mission, alongside leaders from the UK’s financial services and FinTech – financial technology – industries.
Mr Hammond said: “As we prepare to leave the European Union, it is more important than ever that we strengthen our relationship with India, one of the world’s leading economies and one of our oldest friends and allies.
“Our trade and investment relationship is already strong – the UK has been the largest G20 investor in India during the last 10 years, and India is a leading global investor in the UK, creating over 7,000 new jobs last year alone, but there is much more we can do.”
In the same week, Business Secretary Greg Clark will hold talks with Indian ministers around improving cooperation in energy between the two countries.
Mr Clark said: “India invests more in the UK than in the rest of the EU combined, while the UK is the biggest G20 investor in India.
“I look forward to discussing how the UK Government’s industrial strategy will increase the prospects for shared trade, investment and energy innovation between our two great countries.”
Since 2000 the UK has invested more than £19 billion in India, more than the US or any other European country.