Chancellor Philip Hammond aims to calm Wall St nerves over Brexit

Chancellor Philip Hammond is on his way to New York to reassure Wall Street power-brokers that the UK's City of London (LSE: CIN.L - news) will remain the world's leading financial centre after Brexit.

He will meet leaders from Citi, BNY Mellon, Morgan Stanley (Xetra: 885836 - news) , Goldman Sachs (NYSE: GS-PB - news) , and others who together employ more than 25,000 people in the UK.

Mr Hammond will say: "One of Britain's great strengths is the ability to offer and aggregate all of the services the global financial services industry needs.

"This has not changed as a result of the EU referendum result and I will do everything I can to ensure the City of London retains its position as the world's leading international financial centre.

"Whether it's British employers or US firms who support thousands of highly-skilled jobs in the financial sector, we are listening and taking the time to understand the issues thoroughly, in advance of opening negotiations with the EU."

Foreign banks with European headquarters in London were clear ahead of the referendum that European Union membership was key to their investments and jobs in the UK.

As Theresa May's government appears to be heading for a "hard Brexit" retaining few of the services' trade advantages, many banks, not just American ones, have begun to activate contingency plans.

Industry representatives expressed private dismay at the Conservative Party conference at the flippant approach of some party representatives to the threat to jobs and business, and the tone of party debate on foreign workers.

Mr Hammond will also reassure on migration to his New York audience.

He will say: "We will continue to welcome the best and brightest talent and organisations from around the world, including the US.

"While the Government has not finalised its future approach to our relations with the EU, the Government's position is clear, we want the best deal for trade in UK goods and services, including our world leading financial services industry."

The key ask for financial services companies is retention of the financial services "passport" which allows UK-based companies full access inside the EU Single Market.

Government sources suggested the PM's use of the phrase "operate within the Single Market" in an interview with Sky News this week, indicated a subtle shift in thinking designed to reassure the financial services industry.

The PM herself met with Wall Street representatives at a meeting on the sidelines of the UN General Assembly last month - described by attendees as "tough" - after the PM could not give quick reassurance on any restriction on their activities in Europe.

Cabinet Brexiteers are far more sceptical that the City really needs the financial passport to continue to function.

France appears to be ready to prevent any deal which allows the City to keep privileged access to European financial markets.

Paris has stepped up attempts to lure tens of thousands of jobs over the Channel.

The Treasury will stress to European partners that if the City is damaged by the negotiation, Europe as a whole will lose out to New York, Singapore and Hong Kong.

The Chancellor is also likely to face questions about the PM's unprecedented intervention on monetary policy, in her speech.

She (Munich: SOQ.MU - news) said "change has to come" for savers and pensioners impacted by low interest rates and quantitative easing.

The Bank of England cut interest rates and raised QE to mitigate the economic impact of Brexit, just weeks ago.

Sterling renewed its fall against the dollar and the euro in the days after the PM announced Article 50 would be triggered by the end of March 2017.

The pound reached new 31-year lows against the US dollar, and a five-year low against the euro.