Exports Financial Services 2021-12-02
2021-12-02
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The question arises from the need to boost UK exports in financial services, a sector crucial for economic growth and job creation.
What recent steps has the Department taken to increase the export of British financial services?
With colleagues in the Treasury, we are committed to championing export opportunities for our world-class financial services sector. We have done this through targeted export campaigns supporting specific UK financial services, as well as through signing ambitious free trade agreements that are reducing market access barriers and opening new doors for great British businesses to sell their services worldwide.
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Assessment & feedback
No specific measures or timelines were provided, only general commitments
Committed To Championing
Response accuracy
Q2
Direct Answer
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Context
The importance of financial services for the economy, providing high-paying jobs and substantial revenue.
Will the Minister assure me that financial services are an important factor when securing future trade deals?
We share my hon. Friend's ambition to ensure that the UK remains a global hub for services and digital trade, which is why we are striking a series of advanced, high-standard FTAs with leading nations around the world. Our FTA with Japan provides greater benefits for financial services than the EU-Japan FTA, and our recently signed FTA with Australia includes an ambitious financial services chapter that will enable businesses to build on the £800 million-worth of financial services exported to Australia in 2020.
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Assessment & feedback
Response accuracy
Q3
Direct Answer
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Context
Financial services are vital for the economy, accounting for over 10% of tax revenue and millions of jobs across various regions.
Does my hon. Friend agree that financial services need to be priorities in all future trade agreements to secure best market access?
We are absolutely committed to prioritising British financial services in FTAs. My hon. Friend will be pleased to see our commitment in practice in the UK's recently signed FTA with Norway, Iceland and Lichtenstein, which benefits financial services.
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Assessment & feedback
Response accuracy
Q4
Partial Answer
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Context
Services trade with the European Union has declined by 28% according to ONS data.
Could he say where we are in terms of negotiations with the EU on equivalence for our financial sector?
I will have to refer the hon. Gentleman to discussions with colleagues. I will write back to him.
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Assessment & feedback
Details of negotiations were not provided, only a promise to follow up in writing
Refer To Colleagues
Will Write Back
Response accuracy