The British government will do whatever is needed to ensure the stability of the financial services sector and markets during the process of negotiating Britain's exit from the European Union, Brexit minister David Davis said on Thursday.

Davis told lawmakers the financial sector, often referred to as the City of London, would be of great importance in the Brexit negotiations. When asked about a possible transition period after Brexit, he said all options were being examined.

"We have to treat as absolutely central to what we do maintaining the stability of both the City, but also the European financial markets ... we will therefore do anything necessary," he told parliament.

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