Oral Answers to Questions

Debate between Nigel Adams and Robin Walker

Thursday 20th October 2016 Commons Chamber

[Nigel Adams (Selby and Ainsty) (Con)]

T5. Does the Secretary of State agree that the UK will continue to be a leading global finance centre outside the EU?

[The Parliamentary Under-Secretary of State for Exiting the European Union (Mr Robin Walker)]

Absolutely. We do not think that there is any doubt about that. London has once again been ranked as the No. 1 global finance centre in 2016. The next highest ranking EU location was not even in the top 10. Being part of the EU market is partly responsible for our ranking, and we are looking to maintain the best possible terms of trade with the EU market, but that is not the only factor. London clearly leads the world with the depth and expertise of its labour force, the breadth of its knowledge, services and infrastructure and its wide array of links to markets around the world. It is in the interests of the UK and the EU that that should continue.