“The structures that we have in London [including euro clearing are] a very complex ecosystem of banks, funds, insurance companies, law firms, business services firms (that) could not be replicated anywhere else,” he said.

“And to break it up or try to damage it in the pursuit of some very narrow and hypothetical national advantage would be a huge mistake for any of our European Union partners to follow.”

He stressed that the Treasury would lead the UK’s negotiating strategy on financial services, dismissing suggestions that the Department for Exiting the EU, led by David Davis, would take charge.

It came as Charlie Bean, who is due to join the Office for Budget Responsibility (OBR) in January, said economic forecasts should be taken with “a pinch of salt”.

Predictions can only be made with “a wide range of uncertainty” and should not be viewed as precise forecasts, he said.

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