Commons Sense

House of Commons · Ministers' Questions

Financial Services Sector: Support Post Brexit

Tuesday 7 February 2023 · 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 2 Not answered 0

Key points

  • The Chancellor announced the Edinburgh reforms in December to support the financial services sector.
  • These reforms include Solvency II changes expected to bring 100 billion in investment to UK firms.
  • The Chancellor stated that the Edinburgh reforms will help make the UK more competitive globally.

Topics (select to filter)

Questions & Answers

Q1 Marco Longhi
Brexit Business & Trade
Context

The question arises from concerns about the impact of Brexit on the UK's financial services sector and its international competitiveness.

Question

What steps has he taken to help support the financial services sector since the UK's departure from the EU?

Answer from Jeremy Hunt

In December, I announced the Edinburgh reforms which aim to make the UK the world's most innovative and competitive global financial centre. These reforms include Solvency II reforms that could lead to £100 billion of extra investment going into UK companies.

Partly answered

Not addressed: The questioner asked for specific steps taken, but the answer focused on future ambitions without referencing concrete actions or timelines.

How: Under Review

Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email
Q2 Marco Longhi
Economy Brexit Business & Trade
Context

The question is prompted by the need for specific relationships or plans that will aid in establishing the UK as a leading global financial center, particularly noting the lack of equivalence with EU regulations.

Question

Can the Chancellor please describe any relationships, or plans for them, to deliver the United Kingdom as a global financial hub, especially given the lack of equivalence with the EU?

Answer from Jeremy Hunt

The flexibilities from leaving the EU mean we can do Solvency II reforms, leading to £100 billion of extra investment for UK companies. The Edinburgh reforms give us a chance to rethink regulatory structures so that we become more competitive and not just second to others.

Partly answered

Not addressed: The answer focused on future potential benefits without providing specific relationships or detailed plans as requested.

How: Under Review

Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email
Q3 Margaret Ferrier SNP
Economy Brexit
Context

The question stems from concerns that deregulating the financial sector could lead to economic instability, with specific worries about rules on commodity trading being revoked.

Question

What steps has the Chancellor taken to ensure the Financial Services and Markets Bill does not cause economic mayhem when passed?

Answer from Jeremy Hunt

We have ensured our Edinburgh reforms package learns lessons from the 2008 financial crash. The reforms will benefit Scotland, where 21,000 people work in financial services, making it clear that these changes are positive for London and beyond.

Not addressed: The questioner asked about safeguards against economic mayhem from the bill, but the answer shifted to defending past actions and benefits of reforms without addressing specific risks or measures.

How: Changed Subject

Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email