Financial Services Reforms

Bill Esterson Excerpts

Tuesday 11th July 2023 Commons Chamber

[Andrew Griffith]

My hon. Friend, who knows so much and speaks so lucidly for Cities of London and Westminster, is absolutely right. These are a bold and ambitious set of reforms. They will not just help communities across the whole of the United Kingdom—I never fail to remind the House that financial services touch almost every constituency—but continue to underwrite the strong and leading position of the City of London, which she so ably represents.

[Bill Esterson (Sefton Central) (Lab)]

It is always fascinating to hear Ministers justifying their failure over the last 13 years. The Minister would do well to recognise that business investment is at a record low in this country. One way to address the record low in business investment is to listen to the professional services sector, which says that a mutual recognition agreement with the EU would increase that performance and contribution. Why have the Government made no progress on that mutual recognition agreement?

[Andrew Griffith]

I am enormously proud of the fact that we have recently reached agreement with all the member nations of the European Union on the memorandum of understanding in respect of financial services. That joins a number of such agreements, all of which have the objective of seeking access to as many of the growing markets in the world as possible for our financial and professional services. Only last week I met my opposite number, the German deputy Finance Minister, and next week I will be meeting the Luxembourg Finance Minister.