Oral Answers to Questions

Adrian Bailey Excerpts

Tuesday 14th May 2019 Commons Chamber

[Mark Field]

I congratulate Somerset on reaching the Royal London cup final, Obviously, that comes alongside commiserations to my hon. Friend’s local football club. Those of us who follow league two will realise that Yeovil Town have gone down this season, but I hope they will bounce back very shortly. That will make the headlines in the Yeovil Express, I am afraid.

My hon. Friend is absolutely right: sport is a major soft power asset. We believe it does help to project and connect the UK internationally, not least with the cricket world cup that is imminently upon us.

[Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)]

23. The UK-EU sanctions regime has largely been shaped by the UK’s pre-eminence in the European financial services market. Post Brexit, both will have separate policies. How does the Minister think we can sustain our influence, particularly given the flight of the financial services industry to either Frankfurt or Paris?

[Mark Field]

The hon. Gentleman talks about the flight, and it is worth pointing out, as I have said—I am the City of London MP—that some jobs have of course been lost, but not to one particular place; they have actually gone to places such as Amsterdam, Luxembourg, Dublin and others. The truth of the matter is that financial services will work very closely together and there will be a mutuality of interests and an equivalence, not least because of the importance of London as Europe’s capital market, regardless of Brexit.