The UK finance minister Philip Hammond told the board of U.S. investment bank Goldman Sachs (GS.N) that he is supportive of a lengthy transition period after Britain leaves the European Union, a source familiar with the talks said, according to Reuters news agency.
The source said Hammond made a presentation to the Goldman Sachs board on June 29 when chief executive Lloyd Blankfein visited London for the annual board meeting.
The source confirmed an earlier Sky News report which said Hammond had offered private reassurances that he visualised a long transition period to support banks in preparation for Brexit and ease concerns of a “cliff-edge” exit from the bloc.
The Sky report said Hammond did not offer Goldman assurances above or beyond his public attempts to reassure the business community that the government was aware of its concerns.
Goldman Sachs declined to comment.