Economic Crime: Planned Government Bill Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Matt Hancock
Main Page: Matt Hancock (Conservative - West Suffolk)Department Debates - View all Matt Hancock's debates with the Department for Business, Energy and Industrial Strategy
Economic Crime: Planned Government Bill
Matt Hancock Excerpts(2 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Paul Scully
What I am not going to do is pre-empt Her Majesty.
Matt Hancock (West Suffolk) (Con)
May I associate myself with the remarks praising Lord Agnew, who has done great service in government? Will the Minister ensure that, at the same time as he develops this policy, we ensure that the UK is also home to new innovations such as fintech and the extraordinary growth of cryptocurrencies? Those innovations have the potential to disrupt finance just as social media has disrupted communications and online shopping has changed retail. Post Brexit, the UK has the chance to be the home of fintech, which not only can be an economic driver, but can help to cut fraud and financial crime because of the transparency it brings. Will he make sure that we get this right and that new legislation is fit for the future, so that Britain can be the home of this revolution?
Paul Scully
My right hon. Friend is absolutely right. We have to get the legislation right, not only because we want to tackle economic crime, but because we do not want to stifle innovation and the investment in this country that makes us the highest receiver of foreign direct investment in Europe and one of the highest across the world. This is a great place to do business, to set up, grow and scale up.