Commons Sense

House of Commons · Ministers' Questions

Export of Financial Services

Thursday 21 October 2021 · 2 questions

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

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • The Government's ambition is to champion UK financial services success and promote growth through supporting businesses in foreign markets and striking progressive trade agreements.
  • Regulators need to be in tune with export policy to support the expansion of financial services trade.
  • Treasury colleagues ensure that the regulator works closely with the export strategy, as seen in the benefits of the trade deal with Japan.

Topics (select to filter)

Questions & Answers

Q1 Gareth Davies Con Grantham and Bourne
Business & Trade
Context

The UK is a global financial services hub with significant export potential.

Question

What steps has the Department taken to increase the export of British financial services?

Answer from Mike Freer

The Government's ambition is to champion UK financial services success and promote growth through supporting businesses in foreign markets and striking progressive trade agreements. The regulator needs to be aligned with the export policy, and the Treasury colleagues ensure close collaboration between regulation and export strategy.

Partly answered

Not addressed: Specific steps taken to support the export of British financial services were not detailed.

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Q2 Gareth Davies Con Grantham and Bourne
Business & Trade
Context

The UK is already a major net exporter in financial services.

Question

Does my hon. Friend agree that expanding financial services trade further requires the regulator to be as committed to this goal?

Answer from Mike Freer

My hon. Friend is correct; regulators need to be in tune with export policy, and Treasury colleagues ensure that our regulator works closely with our export strategy, as seen in the benefits of our trade deal with Japan.

Partly answered

Not addressed: Specific commitments from the regulator were not provided.

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