Business of the House

Felicity Buchan Excerpts

Thursday 8th July 2021 Commons Chamber

[Mr Rees-Mogg]

The hon. Lady raises an important subject that many in this House will be concerned about. I must confess I am surprised that there has not been a debate on it since 2006, although I think it is more an issue for the Backbench Business Committee or for a Westminster Hall debate than for—as she will have heard when I read out the business—a very full Government programme between now and the recess.

[Felicity Buchan (Kensington) (Con)]

Many residents in Kensington work in financial services and other professional services. Does my right hon. Friend agree that financial services are a vital industry, contributing 11% of our total tax take, and that we need to prioritise services when we negotiate future trade agreements? Would he consider a debate on the importance of financial services not only to London but to Scotland, Leeds, Bristol and many other places?

[Mr Rees-Mogg]

I am extremely well aware of the importance of financial services, as I spent a number of decades working in the investment management field, and I am well aware of the particular importance of Edinburgh as a financial capital. My hon. Friend is right to raise the issue. Financial services are very strong, vibrant and flexible, which is what has led to their success. In reality, their ability to attract business from around the world has had more to do with their efficiency, their competitiveness and the collection of skills that they bring together than with particular agreements with other countries. Although of course we must discuss financial services with foreign nations, actually the City will do best if it is fleet of foot, capable and competitive.