Future of Financial Services

Patrick Grady Excerpts

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

I pay enormous tribute to my hon. Friend, who has campaigned tirelessly, written tirelessly and advocated tirelessly for many years for the UK to issue a sovereign green bond, and I know he will be heartened by the announcement today. He is absolutely right, and he knows better than most what a signal this will send across the world of our desire to be a global leader in green finance and to deliver on all our ambitions. I know he will pay a key part in making sure that we do.

[Patrick Grady (Glasgow North) (SNP)]

The Chancellor seems to be either deaf to or in denial about some of what Opposition Members are saying to him today. EY has calculated that over £1 trillion of assets are being moved out of the UK to the EU as a result of Brexit. Does he accept that? Is he proud of it? Does he think it is a price worth paying for Brexit? Does he seriously think that what he is announcing today will mitigate that somehow?

[Rishi Sunak]

What we are announcing today will ensure that the UK remains the most open, competitive, technology-leaning and dynamic place to do financial services anywhere in the world. It is a constantly changing industry and it is right that we are on the cutting edge of developments. Now that we are outside the EU and leaving the transition period, we have the ability to make further changes to our regulatory regime, to enhance our competitiveness and to attract jobs, capital and business to the UK.