Future of Financial Services

Alec Shelbrooke Excerpts

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

The hon. Lady will have heard my previous answer about our plans to take forward initiatives on access to cash, and protecting it. The outstanding consultation will conclude shortly, and then we will decide on a future legislative strategy.

[Alec Shelbrooke (Elmet and Rothwell) (Con)]

My right hon. Friend has put in unprecedented help to people during this crisis, but tragically in my constituency almost 2,000 people have lost their jobs. Does he agree that, as he said in his statement, Leeds is a key financial hub in this country, and many of my constituents, if not employed directly in the financial services industry, are part of the support network around it? Does he also agree that the green bonds that come out will trickle down to small manufacturers, of which I have a plethora in my constituency? Will he push ahead with great speed on that, and how quickly does he think that he can get this recovery? What I have heard from him today, quite frankly, has been, “jobs, jobs, jobs.”

[Rishi Sunak]

My hon. Friend is right about the importance of Leeds to our financial services ecosystem in the UK, and about the importance of that industry to jobs in his local economy. We are keen to see the industry prosper across the country, in his constituency and elsewhere, and one thing that might be of interest to his constituents is the review that we are launching into the UK funds regime. That review will specifically consider whether, and how, fund domicile activity could be focused in specific UK areas to support our levelling-up agenda. I look forward to hearing my hon. Friend’s contributions to that, and I know that the industry in his area will continue to grow locally from strength to strength.