UK’s financial and related professional services are critical to our economy, contributing significantly through GDP, employment and tax revenues. These sectors employ over two million people across the UK, with substantial numbers in Scotland, Wales, and various cities outside London. The debate highlights concerns about losing membership of the single market and passporting rights, leading to uncertainty and potential relocation of jobs and companies abroad. Strong regulation is essential for these services, but leaving the EU risks turning the UK from a rule-maker into a rule-taker.

Emphasises the importance of keeping financial services passporting rights, as many people's jobs depend on it and it would be unwise to give a running commentary in negotiations.

Questions whether the impressive list of employees provided by Liz Kendall divides between those involved entirely in the domestic market versus overseas transactions, suggesting that financial services have no involvement with the continent at all.

Agrees with Liz Kendall on passporting rights but also emphasises the importance of the regulatory framework provided by the EU for the financial and banking sector beyond just passporting rights.

If the UK loses substantial financial services business due to Brexit uncertainties, New York is likely to benefit significantly from this move because of its existing equivalence agreements with EU member states.

The sector is heavily reliant on talent mobility across the EU. For instance, 30% of chief financial officers and CEOs in fintech come from other parts of Europe, underscoring the importance of freedom of movement for business success.

The rhetoric at the Conservative Party conference has had a negative reaction across Europe. This complicates negotiations with EU partners and affects businesses' ability to plan for the future.

Financial services greatly rely on employing people from around the world, and recent rhetoric has put off many professionals working in this country. Businesses require certainty during Brexit negotiations; Ministers must outline broad objectives for their talks with the EU regarding financial services trade and freedom of movement.

The financial services sector, which is a key export and tax generator for the UK, will suffer greatly if passporting rights are lost. Losing these rights would lead to significant loss of business with EU member states, as evidenced by recent studies and actual moves by companies.

There is no single market in insurance, and 87% of insurers operate through subsidiaries rather than branches dependent on passporting. This indicates the complexity of the issue beyond just financial services firms.

Clarified the distinction between asset management and banking industries, highlighted that UK financial services do a substantial amount of business in the EU. Advocated for cross-industry work visas as transitional arrangements to maintain industry's global position while respecting freedom of movement limitations. Emphasised the need for bilateral equivalence regimes with America-like relations rather than EU-centric ones. Stressed on the importance of Government assurance regarding transitional arrangements post-Article 50.

Stressed the economic significance of financial services to employment and quality of life. Emphasised the strategic importance of passporting rights for maintaining London's status as Europe’s financial centre, citing Switzerland’s reliance on UK access for EU business. Warned against overreliance on EU single market membership without reciprocal benefits. Highlighted potential regulatory burden reduction for smaller domestic financial services companies post-Brexit.

Downplayed the negative impacts of Brexit, citing the UK's successful pre-EU history in financial services. Emphasised the overregulation and dysfunctionality within the EU, suggesting that leaving would be beneficial for the UK’s regulatory environment. Cited examples of other successful financial centres outside the EU to argue that passporting is not essential for success.

Questioned Bill Cash's argument about overregulation, pointing out that much regulation originates from G20 mandates rather than the EU alone. Suggested that regulatory compliance would still be necessary even outside of EU membership.

Contributes to the debate by highlighting the importance of financial services outside London and the south-east. She emphasises that these workers are ordinary people who need support and recognition from Members of Parliament, correcting common misconceptions about financial service employees being elitist or out-of-touch with everyday citizens.

Acknowledges the work done by the Mayor of London in drawing attention to the importance of financial services but also emphasises the need for regions outside London to be equally represented on Brexit-related committees.

Discusses the broader impact of access to financial services beyond just the industry itself, mentioning its support for other professional sectors like legal and accounting. He also highlights opportunities in fintech post-Brexit.

Emphasises the importance of linking access to financial services with other professional services such as legal services which are critical to supporting the financial sector.

I rise to speak about the impact of leaving the European Union on the financial sector and legal profession, particularly in Edinburgh. There are around 7,000 constituents employed in the financial services sector with an estimated 34,800 employees across Edinburgh, making it a significant financial centre after London. The city supports other sectors too, such as food services for financial professionals. A report from the Scottish Parliament’s Economy Committee reveals that Edinburgh is heavily reliant on financial services compared to other cities in Europe, putting them at risk if we lose single market access. There are concerns about job and business losses due to reduced access to the single market, which would impact Scotland's economy greatly as it employs almost 200,000 people directly and indirectly with 20,000 EU workers contributing £8 billion annually. Edinburgh’s financial sector is more reliant on services than London or any other UK city. Also discussed are worries about legal professionals losing their ability to practise across Europe easily post-Brexit.

Expressed concern over Scotland’s asset management sector being larger than Frankfurt and Paris combined, highlighting potential significant losses if we leave the single market.

Asked Joanna Cherry to recognise that those concerned with EU law might benefit from leaving it. Suggested she should understand that laws made in this place could offer benefits post-Brexit.

Noted a different decision on legal matters was reached by judges in Belfast, questioning the approach taken by London judges.

Congratulated Chris Leslie and Liz Kendall for initiating the debate. Emphasised that financial services are not solely based in London but across the UK, employing over 2 million people including 54,300 in Wales. PricewaterhouseCoopers analysis predicts a loss of 70,000 to 100,000 jobs by 2020 and 10,000-30,000 by 2030 if the UK leaves the EU due to reduced passporting rights for companies registered in the UK. The financial sector is crucial as it helps businesses grow and individuals reach their potential.

Evans criticises the lack of clarity from the Government regarding Brexit negotiations, arguing that the financial services industry requires certainty and answers to its concerns. He raises questions about passport rights and regulatory structures necessary for continued business operations.

Blackman highlights the importance of the City of London's financial services sector, not only to London but to the entire UK economy. She warns against capital flight and stresses that banks must make crucial decisions now due to the uncertainty caused by the Government’s reluctance to provide clear guidance.

Leslie welcomes Parliament's sovereignty in the matter of triggering Article 50 but urges for careful consideration and safeguards. He emphasises that leaving the EU without a transitional arrangement would result in British firms losing their legal right to trade certain financial services in other European countries.

Compliments the hon. Member for Leicester West for securing the debate, emphasising the uncertainty faced by the financial sector post-Brexit. Criticises the current lack of clarity from the Government on how to maintain legal market access in Europe. Argues that due to ongoing regulatory changes since 2008 and the implementation period of Vickers proposals until 2019, a transitional period is necessary for stability. Suggests that the government's silence may indicate a lack of strategic vision.

Agrees with George Kerevan about the uncertainty caused by the Government's refusal to provide updates on negotiations, suggesting it is due to a lack of coherent position rather than high constitutional principle.

Responds to concerns about the impact of Brexit on European financial institutions. Emphasises that while the domestic sector is strong, particularly in retail banking, high-value investment banking profits are tied to Europe, making a crisis more likely due to increased competition from US banks. Proposes Scotland remaining within the single market as part of the UK to maintain passporting and prevent major banks moving their headquarters elsewhere.

Financial services are crucial to the UK economy, contributing nearly 12% of economic output and £66 billion in taxes. They employ 2.2 million individuals across Great Britain, with two thirds outside London. Public trust remains low but rebuilding it is essential for the sector's stability post-Brexit. There must be clarity on the Government’s negotiating plans to avoid uncertainty hindering investment. Free movement of workers and guarantees for EU nationals are vital. Trade freedom for UK businesses in the EU is critical, with passporting being a deal breaker. Two scenarios suggest possible job losses and revenue declines if passporting is not achieved.

Acknowledged the importance of the debate but criticised the Minister for not providing a clear framework or commitment to protecting access to the single market for financial services. Highlighted the need for immediate action to ensure businesses can plan for their future.

Marked the 49th anniversary of Scottish National Party representation in the House, highlighting Mrs Winifred Ewing's historic win and noting the significance of SNP’s long-term presence.