Services EU Relationship 2021-01-14
2021-01-14
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
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Context
Discussions are needed to secure and improve market access for UK service sectors after leaving the EU.
What discussions does she plan to have with her EU counterparts on developing the relationship on services?
The trade co-operation agreement secures continued market access across key service sectors, including both professional and business services. The agreement also includes a commitment to review the services provisions with a view to making further improvements, along with a specific joint declaration on regulatory co-operation in financial services. Specifics will be taken forward by the Cabinet Office and Taskforce Europe.
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Assessment & feedback
Response accuracy
Q2
Partial Answer
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Context
Shares worth billions of euros have moved out of London to other European capitals after the EU exit. A trader called this a “stunning own goal” and predicted more such moves.
What is the Minister's assessment of the damage Brexit will do to the UK's financial sector, and how many own goals can we expect in the future?
The memorandum of understanding on financial services ensures financial stability and consumer protection, and we look forward to that being negotiated. I was not surprised by this question, but I was a little bit surprised that the hon. Gentleman was the one asking it.
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Assessment & feedback
Impact of Brexit on UK's financial sector
I Was Not Surprised By This Question, But I Was A Little Bit Surprised That The Hon. Gentleman Was The One Asking It.
Response accuracy
Q3
Partial Answer
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Context
The Prime Minister admitted that the deal is not optimal on trade and services, with Brussels indicating further restrictions if there is divergence from EU standards.
Is it the Government's intention to give up access to the EU market or will the UK remain tied to the EU's regulatory framework?
I have long experience in this space, having been a Treasury Minister, and there are of course advantages to the UK being able to set its own regulatory regime for financial services as the biggest financial services marketplace in Europe. I think the hon. Lady is wrong to characterise the treaty—she voted in favour of no deal—as not being good for services.
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Assessment & feedback
Government's intention regarding market access and regulatory alignment with the EU
I Think The Hon. Lady Is Wrong To Characterise The Treaty—She Voted In Favour Of No Deal—As Not Being Good For Services.
Response accuracy