Commons Sense

House of Commons · Ministers' Questions

Exports: Financial Services

Thursday 2 December 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 2 Partly answered 1 Not answered 0

Key points

  • The Department has undertaken targeted export campaigns to support British financial services.
  • Financial services are prioritised in free trade agreements to secure global market access.
  • The Minister committed to prioritising financial services in FTAs, as seen in the UK's agreement with Norway, Iceland, and Lichtenstein.

Topics (select to filter)

Questions & Answers

Q1 Felicity Buchan
Business & Trade
Context

The question arises from the need to boost UK exports in financial services, a sector crucial for economic growth and job creation.

Question

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

Answer from Mike Freer

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.

Partly answered

Not addressed: No specific measures or timelines were provided, only general commitments

How: Committed To Championing

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Q2 Robert Syms Con
Business & Trade
Context

The importance of financial services for the economy, providing high-paying jobs and substantial revenue.

Question

Will the Minister assure me that financial services are an important factor when securing future trade deals?

Answer from Mike Freer

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.

Answered
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Q3 Felicity Buchan
Business & Trade
Context

Financial services are vital for the economy, accounting for over 10% of tax revenue and millions of jobs across various regions.

Question

Does my hon. Friend agree that financial services need to be priorities in all future trade agreements to secure best market access?

Answer from Mike Freer

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.

Answered
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Q4 Clive Efford Lab Eltham and Chislehurst
Brexit
Context

Services trade with the European Union has declined by 28% according to ONS data.

Question

Could he say where we are in terms of negotiations with the EU on equivalence for our financial sector?

Answer from Mike Freer

I will have to refer the hon. Gentleman to discussions with colleagues. I will write back to him.

Not addressed: Details of negotiations were not provided, only a promise to follow up in writing

How: Refer To Colleagues, Will Write Back

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