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UK’s Financial Services Industry
21 June 2021
Lead MP
Bim Afolami
Debate Type
General Debate
Tags
EconomyTaxation
Other Contributors: 2
At a Glance
Bim Afolami raised concerns about uk’s financial services industry in the House of Commons. Other MPs contributed to the debate.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
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.
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.
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About House of Commons Debates
House of Commons debates take place in the main chamber of the House of Commons. These debates cover a wide range of topics including government policy, legislation, and current affairs. MPs from all parties can participate, question ministers, and hold the government accountable for its decisions.