Future of Financial Services

Alison McGovern Excerpts

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

My hon. Friend has focused on that issue for as long as I have been in this House—and rightly so. He will know that we passed the Sanctions and Anti-Money Laundering Act 2018 the year before last, and in the Budget we said we would consult on introducing an economic crime levy that would provide additional funds to combat the scourge of crime in our financial system. My hon. Friend the Economic Secretary will be outlining further measures on market abuse in the debate on the Financial Services Bill.

[Alison McGovern (Wirral South) (Lab)]

We do not see very much of the Chancellor of the Exchequer in this place. I wonder what it could possibly be about the Monday after the electoral routing of populism in the USA over the weekend that makes him want to come to the Dispatch Box and speak about climate change. Never mind the good management of his reputation, his Government cannot escape the consequences of Brexit and the lack of the deal that was promised for financial services. Given the shape of the UK’s economy, the consequences will be far worse for those workers that we keep talking about who are in financial services outside London and in other regions. Will he confirm what he believes will be the relative regional impact of the current state of the Brexit negotiations? What is his policy to stop Brexit making regional inequality even worse?

[Rishi Sunak]

It would not be right for me to give a day-by-day commentary on the negotiations. As we heard from the Prime Minister at the weekend, we have made significant progress. Those talks are ongoing and it is clear that a deal can be done, but it will require both sides to act constructively. We remain ready to do that and are working hard at it.