Financial Services Sector Support Post Brexit 2023-02-07
2023-02-07
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The question arises from concerns about the impact of Brexit on the UK's financial services sector and its international competitiveness.
What steps has he taken to help support the financial services sector since the UK's departure from the EU?
In December, I announced the Edinburgh reforms which aim to make the UK the world's most innovative and competitive global financial centre. These reforms include Solvency II reforms that could lead to £100 billion of extra investment going into UK companies.
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Assessment & feedback
The questioner asked for specific steps taken, but the answer focused on future ambitions without referencing concrete actions or timelines.
Under Review
Response accuracy
Q2
Partial Answer
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Context
The question is prompted by the need for specific relationships or plans that will aid in establishing the UK as a leading global financial center, particularly noting the lack of equivalence with EU regulations.
Can the Chancellor please describe any relationships, or plans for them, to deliver the United Kingdom as a global financial hub, especially given the lack of equivalence with the EU?
The flexibilities from leaving the EU mean we can do Solvency II reforms, leading to £100 billion of extra investment for UK companies. The Edinburgh reforms give us a chance to rethink regulatory structures so that we become more competitive and not just second to others.
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Assessment & feedback
The answer focused on future potential benefits without providing specific relationships or detailed plans as requested.
Under Review
Response accuracy
Q3
Partial Answer
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Context
The question stems from concerns that deregulating the financial sector could lead to economic instability, with specific worries about rules on commodity trading being revoked.
What steps has the Chancellor taken to ensure the Financial Services and Markets Bill does not cause economic mayhem when passed?
We have ensured our Edinburgh reforms package learns lessons from the 2008 financial crash. The reforms will benefit Scotland, where 21,000 people work in financial services, making it clear that these changes are positive for London and beyond.
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Assessment & feedback
The questioner asked about safeguards against economic mayhem from the bill, but the answer shifted to defending past actions and benefits of reforms without addressing specific risks or measures.
Changed Subject
Response accuracy