Commons Sense

House of Commons · General Debate

UK’s Financial Services Industry

21 June 2021 · 2 other contributors

Opened by Bim Afolami Con Hitchin and Harpenden

Business & Trade

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Bim Afolami raised concerns about uk’s financial services industry in the House of Commons. Other MPs contributed to the debate.

Key points

  • UK's financial services sector accounts for nearly 7% of the country's economic output and employs over 1 million people.
  • The sector provided 75 billion in emergency finance and implemented forbearance measures to support businesses during the pandemic.
  • Calls for a regulatory framework that upholds high global standards while being responsive to the needs of mid-tier providers.

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Opened the debate

Bim Afolami Con Hitchin and Harpenden

Proud to champion the UK’s vibrant and innovative financial services sector, which accounts for almost 7% of the UK’s total economic output and employs over 1 million people. Emphasises the importance of supporting businesses through the pandemic with £75 billion in emergency finance and various forbearance measures. Calls for a regulatory framework that maintains high global standards but is also responsive to the industry's needs, particularly mid-tier providers. Urges for international trade focus on services and talent attraction. Supports review of bank surcharge and FinTech policy.

Other contributors (2)
  • Jim Shannon DUP Strangford

    Intervened to ask if the potential of Brexit to regulate financial services has been fully realised, suggesting there is more to do in legislating appropriately for a balance between growth and regulation.

  • John Glen Con Salisbury

    Congratulates the MP for securing the debate, notes the importance of the financial services industry to the UK economy. Acknowledges the Chancellor's vision for an open, technologically advanced, and greener sector in a post-pandemic, post-Brexit world. Mentions building new relationships with countries like Switzerland through mutual recognition agreements. Stresses the need for certainty regarding bank taxes and plans to review the level of the bank surcharge. Discusses domestic regulatory focus, including the importance of tailoring regulations to life outside the EU. Highlights efforts towards a technologically advanced sector via FinTech initiatives such as the Kalifa review recommendations. Addresses capital and wholesale markets through Lord Hill's listings review and aims to deliver fair and competitive rulebooks while maintaining high standards. Emphasises the role of financial services in climate change and economic levelling up.

Get updates like this by email
▸ Assessment & feedback
Summary accuracy