Commons Sense

House of Commons · Ministers' Questions

Financial Services Sector

Tuesday 22 June 2021 · 4 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 2 Not answered 0

Key points

  • Chris Grayling asked about steps to secure an agreement with the EU on financial services, highlighting protectionist attitudes and risks to the City.
  • Sarah Atherton inquired about the parliamentary export programme, which the Minister praised as a way to promote exporting ambitions across the country.
  • Pat McFadden raised concerns that financial services were ignored during Brexit negotiations, citing a decrease in exports and red tape issues.

Topics (select to filter)

Questions & Answers

Q1 Chris Grayling Con
Brexit Business & Trade
Context

The question is prompted by ongoing negotiations between the UK and EU regarding financial services, which are crucial for the City of London.

Question

What steps he is taking with Cabinet colleagues to secure an agreement with the EU on financial services. The sector faces protectionist attitudes from the EU, and there are concerns about the risks to the City if no agreement is reached.

Answer from John Glen

The Government's strategy on financial services includes promoting the international role of the sector and developing trade and regulatory relationships with other jurisdictions. They are keeping matters under review and have taken on board work from a taskforce on innovation, growth, and regulatory reform.

Partly answered

Not addressed: The specific ask about modifying regulations was not directly addressed.

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Q2 Sarah Atherton
Business & Trade
Context

Matclad, a clay brick slip manufacturer in Wrexham, is already benefiting from export opportunities. The parliamentary export programme has been successful in supporting British businesses.

Question

Does my hon. Friend agree that the parliamentary export programme is an excellent opportunity for businesses like Matclad to grasp exporting opportunities? Businesses are keen to grow exports and benefit from schemes such as the parliamentary export programme.

Answer from John Glen

The parliamentary export programme is an excellent way of getting that ambition to export out across the country, and it is just another example of this Government's commitment to grow exports. The Minister shall also be visiting Cardiff tomorrow to meet the first cohort of FinTech Wales's FinTech Foundry.

Answered

Not addressed: null

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Q3 Chris Grayling Con
Business & Trade
Context

There are concerns about the protectionist stance of the European Union towards financial services, especially with President Macron hosting Wall Street representatives next week while travel has been unlocked within the EU.

Question

My hon. Friend knows my concern about the protectionist attitude shown by the EU and the risks to the City as a result. With ministerial colleagues doing similar in other jurisdictions, will the Minister do everything necessary to modify our regulations for a strong competitive future?

Answer from John Glen

We are promoting the international role of the sector and developing ambitious trade and regulatory relationships with other jurisdictions. We keep all these matters under review. We have taken on board work from a taskforce on innovation, growth, and regulatory reform.

Partly answered

Not addressed: The specific ask about modifying regulations was not directly addressed.

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Q4 Pat McFadden Lab Wolverhampton South East
Brexit Business & Trade
Context

Financial services were not prioritised in the Brexit agreement. Equivalence arrangements are still pending, £1 trillion-worth of assets have been moved abroad, food and drink exports to EU fell by 47%, and GDP growth is expected to be minimal.

Question

Financial services were ignored during the Brexit negotiations and now equivalence is nowhere near settled, with £1 trillion-worth of assets moved out. Exports are down due to red tape in agreements made by this Government. Is the trade deal lap of honour equivalent to losing a pound and finding a penny? When will help be given to industries affected?

Answer from John Glen

I do not accept this characterisation. The Government have deep dialogue across jurisdictions, including Brazil, India and China, and are promoting financial services' relationships globally to deepen opportunities that Brexit has given us.

Not addressed: The specific ask about assistance with red tape was not addressed.

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