Oral Answers to Questions

Gareth Davies Excerpts

Thursday 21st October 2021 Commons Chamber

[Penny Mordaunt]

Nine trillion pounds—that is what these deals, and ultimately the comprehensive and progressive agreement for trans-Pacific partnership, will mean to this country. Yes, we have three deals, and we are going to get more. That is what we want to do. We are going to grow these markets. That is the whole point of our leaving the EU and formulating this plan for global Britain. These deals will increase growth and prosperity in this country, which will fund everything that matters to all Members of this House.

[Gareth Davies (Grantham and Stamford) (Con)]

5. What steps her Department has taken to increase the export of British financial services.

[The Parliamentary Under-Secretary of State for International Trade (Mike Freer)]

My hon. Friend will know that the UK is a global financial services hub. The Government’s ambition is to champion this success and promote further growth in financial services through supporting UK businesses to set up shop in markets around the world and striking ambitious progressive trade agreements to open up new markets for our financial services exporters.

[Gareth Davies]

We are already one of the world’s largest net exporters of financial services, but does my hon. Friend agree that if we are to expand financial services trade even further, we need the regulator to be as energetic and committed as this Government are to expanding that trade?

[Mike Freer]

My hon. Friend is absolutely correct. As someone who has come from a financial services background, I have felt the regulator’s hand on my shoulder, so I do understand that regulation can be good, but equally our regulators need to be entirely in tune with our export policy. My colleagues in the Treasury who lead on regulation will be ensuring that our regulator works closely with our export strategy. Specifically, I refer my hon. Friend to some of the annexes particularly in our trade deal with Japan where the benefits of that work can already been seen.