Asked by: Lord Jopling (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government, further to the Written Answer by Baroness Jones of Whitchurch on 16 April (HL6564), whether they plan to insist on a loosening of impediments to access of the UK financial services sector to the United States financial services sector in seeking a new trade agreement with the United States.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
On 8 May the UK government announced a landmark economic deal with the US, making the UK the first country to reach an agreement with President Trump. We are continuing talks which will look at increasing digital trade, access for our world-leading services industries and improving supply chains.
The US and the UK are each other's largest single country trading partners for financial services. Following discussions between the Chancellor and US Treasury Secretary Bessent, we agreed to use the upcoming Financial Regulatory Working Group (FRWG) to discuss collaboration on digital assets, including to support the use and responsible growth of digital assets, and the proposals put forward by the Commissioner on the Security and Exchange Commission for a transatlantic sandbox for digital securities.
Asked by: Lord Jopling (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government whether, in negotiating a free trade agreement, they intend to prioritise opening up the financial services industry between the United Kingdom and the United States of America.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
The US is an indispensable ally and one of our closest trading partners. Our trading relationship with the US was worth £315 billion in 2024. As Secretary of State said on 3 April, we have been engaged in discussions on an economic deal between the US and the UK and we remain committed to this. The financial services industry is integral to our economy, and we will always act in the UK's national interest.
Asked by: Lord Jopling (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government, further to the Written Answer by The Earl of Minto on 18 July (HL9088), whether they will now answer the question which was asked.
Answered by Earl of Minto - Shadow Minister (Defence)
We do not collate information across government regarding the sums spent on supporting the steel industry in Wales.
We have provided £730mn in energy costs relief to the UK steel sector since 2013. However, we are unable to publish a breakdown of the value of energy intensive industry cost relief schemes to the steel sector in Wales. Doing so would be disclosive, enabling some companies or third parties to calculate how much support other companies have received. Steel companies in Wales will also benefit from the British Industry Supercharger measures to reduce energy costs for energy intensive industries.
As previously set out, industrial sectors, including the steel sector in Wales, have also been able to bid into Government funds worth hundreds of millions of pounds to support energy efficiency and de-carbonisation. For example, Cardiff-based Celsa Steel UK has been awarded grants totalling £5,295,451 from Phase 1 of the Industrial Energy Transformation Fund. Celsa has also successfully repaid a £30mn Government loan, which supported 1800 jobs.
Asked by: Lord Jopling (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what provisions were included in the recent negotiations on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to improve free trade arrangements in the financial services sector; and whether this was part of His Majesty's Government's negotiating position.
Answered by Lord Johnson of Lainston
The high standard Financial Services chapter in CPTPP opens financial service markets between members, expanding opportunities for UK financial services and easing frictions to cross-border trade and investment. Joining will open up new markets to UK firms, including improved commitments which reduce red tape and cut costs. At the same time, CPTPP members retain the ability to regulate financial markets and institutions for legitimate public policy purposes.
The Financial Services chapter was one of the core market access areas considered during the UK’s negotiations to accede to CPTPP. The full treaty text will be laid before Parliament following legal review.