Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Greg Hands Excerpts
Tuesday 11th February 2020

(4 years, 8 months ago)

Commons Chamber
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Sajid Javid Portrait Sajid Javid
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The hon. Lady talks about the importance of manufacturing. Since the change in Government in 2010, we have seen 58% growth in auto manufacturing and 22% growth in aerospace manufacturing. Again, because of the recent general election result, a survey of manufacturers carried out by the CBI a few weeks ago saw the biggest increase in confidence in the history of that survey—in more than 60 years.

Greg Hands Portrait Greg Hands (Chelsea and Fulham) (Con)
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The financial services sector generates 7% of UK GDP, provides 1.1 million jobs and is responsible for £29 billion-worth of tax revenue. Does the Chancellor agree that we need to ensure that the financial services sector is looked after in any trade agreement with the European Union if we are to pay for the infrastructure projects that we expect an announcement on today?

Sajid Javid Portrait Sajid Javid
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My right hon. Friend, as always, is absolutely right. The financial services sector employs millions of people—not just in London, but in Edinburgh, Birmingham and so many other parts of our great country—and generates more revenue for public services than any other industry. He is right that financial services will be a key part of forging that new relationship with our European friends.