Commons Sense

Hansard-based summaries and metrics

Financial Services 2022-12-15

2022-12-15

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Response quality

Questions & Answers

Q1 Partial Answer
Desmond Swayne Con
New Forest West
▸ Context
The question follows discussions on increasing UK's international trade. It focuses on specific actions to boost exports in the financial services sector.
What steps her Department is taking to increase trade opportunities for the financial services sector?
Nigel Huddleston
The Department for International Trade is committed to increasing trade opportunities for UK financial services through a network of sector specialists worldwide. This includes identifying market access barriers, supporting companies to export their services globally, and promoting the UK's financial services via free trade agreements.
▸ Assessment & feedback
Specific programme details or timelines were not provided.
Response accuracy
Q2 Partial Answer
Desmond Swayne Con
New Forest West
▸ Context
Building on the previous question, this asks about specific support programmes for financial technology firms and startups.
Has the Minister a programme of support for fintech and start-ups in that sector?
Nigel Huddleston
The Government's export strategy published last year outlines support available for British exporters, including financial services. This includes online resources like webinars as well as tailored advice from trade advisers to help firms of all sizes thrive and expand globally.
▸ Assessment & feedback
Specific programme details or timelines were not provided.
Response accuracy
Q3 Partial Answer
Clive Efford Lab
Eltham and Chislehurst
▸ Context
The question addresses concerns over money laundering activities linked to Russian officials, affecting London's reputation as a financial centre.
If we are to increase trade opportunities for the financial services sector, does the Minister agree that we must deal with the prevalence of money laundering for Russian kleptocrats, which has earned London the nickname “Londongrad”? Does he believe that we need to ensure that we can tackle such illegal activity in the City?
Nigel Huddleston
The hon. Gentleman raises an important point, and we are aware of the issue. The Government have taken robust action on sanctions against Russia, and will continue to do so.
▸ Assessment & feedback
Specific measures or commitments were not detailed regarding tackling money laundering.
Response accuracy