Export of Financial Services 2021-10-21
2021-10-21
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Response quality
Questions & Answers
Q1
Partial Answer
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Context
The UK is a global financial services hub with significant export potential.
What steps has the Department taken to increase the export of British financial services?
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.
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Assessment & feedback
Specific steps taken to support the export of British financial services were not detailed.
Response accuracy
Q2
Partial Answer
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Context
The UK is already a major net exporter in financial services.
Does my hon. Friend agree that expanding financial services trade further requires the regulator to be as committed to this goal?
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.
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Assessment & feedback
Specific commitments from the regulator were not provided.
Response accuracy