Draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018

Greg Knight Excerpts

Monday 17th December 2018 General Committees

[John Glen]

The hon. Lady is absolutely right to draw attention to the significant resources that will be required. The FCA has been in conversation with my officials in the Treasury, and we are reassured that it is in a position to do the work, and that it can do so under the provisions of the levy that it has.

[Sir Greg Knight (East Yorkshire) (Con)]

Will the Minister confirm, for the avoidance of all doubt, that all the powers in the regulations are temporary and time-limited, and that the powers do not give rise to the right to increase taxation?

[John Glen]

I can absolutely give my right hon. Friend that assurance. I will go on to set out some of the additional safeguards.