Commons Sense

House of Commons · Ministers' Questions

Financial Services

Thursday 15 December 2022 · 3 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 3 Not answered 0

Key points

  • The Department for International Trade is committed to increasing trade opportunities for UK financial services through a network of sector specialists worldwide.
  • The Government's export strategy outlines support available for British financial services exporters, including online resources and tailored advice from trade advisers.
  • The Government has taken robust action on sanctions against Russia and will continue to do so in response to concerns raised about money laundering.

Topics (select to filter)

Questions & Answers

Q1 Desmond Swayne Con New Forest West
Business & Trade
Context

The question follows discussions on increasing UK's international trade. It focuses on specific actions to boost exports in the financial services sector.

Question

What steps her Department is taking to increase trade opportunities for the financial services sector?

Answer from 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.

Partly answered

Not addressed: Specific programme details or timelines were not provided.

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Q2 Desmond Swayne Con New Forest West
Business & Trade
Context

Building on the previous question, this asks about specific support programmes for financial technology firms and startups.

Question

Has the Minister a programme of support for fintech and start-ups in that sector?

Answer from 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.

Partly answered

Not addressed: Specific programme details or timelines were not provided.

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Q3 Clive Efford Lab Eltham and Chislehurst
Foreign Affairs Business & Trade
Context

The question addresses concerns over money laundering activities linked to Russian officials, affecting London's reputation as a financial centre.

Question

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?

Answer from 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.

Partly answered

Not addressed: Specific measures or commitments were not detailed regarding tackling money laundering.

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