Oral Answers to Questions

Desmond Swayne Excerpts

Thursday 15th December 2022 Commons Chamber

[Andrew Bowie]

The trade deals with New Zealand and Australia are great deals for British exporters and this country. As I said, unlike the Scottish National party, we are committed to championing Scottish and British exports and food and drink around the world, not creating negativity. It is time that the hon. Gentleman championed great British exporters—great Aberdeenshire exporters—instead of coming here with all that scare- mongering and negativity, as he does weekly.

[Sir Desmond Swayne (New Forest West) (Con)]

2. What steps her Department is taking to increase trade opportunities for the financial services sector.

[The Parliamentary Under-Secretary of State for International Trade (Nigel Huddleston)]

The Department for International Trade is absolutely committed to increasing trade opportunities for the UK financial services sector. Through our network of in-market sector specialists located in Europe, India, Singapore and beyond, the Department is identifying and removing market access barriers and supporting companies to export their services to the world. Working with organisations such as the City of London, the Investment Association and others, we are promoting the UK’s world-class financial services overseas. We are also championing financial services through our free trade agreements.

[Sir Desmond Swayne]

Has the Minister a programme of support for fintech and start-ups in that sector?

[Nigel Huddleston]

I thank my right hon. Friend for raising that sector, which is hugely important to the UK economy and a major export generator. Our export strategy, which we published last year, outlines the Government support available for British exporters, including the financial services sector. The strategy updates the Department’s support for services firms and helps to give businesses and financial tech innovators the flexibility and resilience to thrive and trade globally. As well as providing large amounts of online support and information, including webinars, the Department provides tailored support services—for example, through trade advisers—from which firms of all sizes can benefit.