Future of Financial Services

Jonathan Edwards Excerpts

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

It is not for me to suggest that the Treasury Committee needs something else to do, but my hon. Friend is right that there will be a change in the regulatory alignment after leaving the transition period, which is why our future regulatory framework review is so important. We are just embarking on phase II of that. It will consider the right balance between Government, Parliament and the regulators. That is the appropriate place for him to feed in his thoughts on how we can get that balance right.

[Jonathan Edwards (Carmarthen East and Dinefwr) (Ind)]

In answer to the hon. and learned Member for Edinburgh South West (Joanna Cherry) earlier, why did the Chancellor rule out allowing the devolved Governments to issue their own green bonds? Surely that would be one way to help the Welsh Government directly fund the Swansea Bay tidal lagoon project, considering that the Treasury views the contract for difference model to be too costly.

[Rishi Sunak]

Obviously the Welsh Government will make their own decisions on supporting their own local economy. The issuance of sovereign bonds is obviously a reserved capability and it is appropriate that it remains that way.