UK as a Financial Services Hub
Debate between Robert Jenrick and Bim Afolami(5 years, 9 months ago)
Westminster HallRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Westminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Bim Afolami (Hitchin and Harpenden) (Con)
I beg to move,
That this House has considered the UK as a financial services hub.
It is a pleasure to serve under your chairmanship, Mr Stringer. I started my professional career in financial services, as did the Exchequer Secretary, as a corporate lawyer in the City of London. I worked at Freshfields Bruckhaus Deringer for three years, before working at an American firm called Simpson Thacher & Bartlett for three years. After that, I underwent a bit of a switch, and moved from being a lawyer advising on transactions to working in banking in strategy and restructuring at HSBC. I moved from being an adviser to a principal, or manager.
When I was at HSBC, I started to learn about financial services in their broader sense. As a senior executive, I was deeply involved with several high-profile aspects of the bank’s restructuring, notably on splitting the retail bank from the investment bank, which was necessitated by ring-fencing legislation. I also spent time working across the global bank on the implementation of MiFID II—the markets in financial instruments directive—which required huge changes to how the markets desk operated. I also worked on custody systems, payment systems and business design. That took me up to June 2017, when I was elected to this House as Member of Parliament for Hitchin and Harpenden.
Obviously, financial services matter a huge amount to me, but they also matter a lot to my constituents. An analysis of the latest census data leads me to estimate that my constituency is in the top 50 in the country for those who work in financial or professional services. One cannot move in Hitchin or Harpenden without bumping into a lawyer, a banker or an investor.
Bim Afolami
I am really selling it. In fact, when I was canvassing at the last election, a voter told me that after they had looked me up, they said, “Oh, well this is probably the only seat in which being a lawyer and a banker is an advantage rather than a disadvantage.”
Finance (No. 3) Bill (Fifth sitting)
Debate between Robert Jenrick and Bim Afolami(5 years, 11 months ago)
Public Bill CommitteesRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Robert Jenrick
After that excellent start, I will continue. Clause 33 extends the life of the first-year allowances for electric vehicle charge points until April 2023. In the UK, the continued use of high-emission vehicles creates pollution and increases health issues. This measure was first introduced on 23 November 2016 to support the transition in the UK to cleaner vehicles with zero or ultra-low emissions. The measure allows businesses that invest in charge points to reduce their taxable profits by 100% of the cost of their investment in the year it is made. That provides accelerated tax relief compared with normal capital allowances, and so encourages greater investment in these assets. The allowance is currently due to expire in April 2019. The clause enables the first-year allowance to continue as part of the Government’s ambition for all new cars and vans to be zero emission by 2040.
Bim Afolami (Hitchin and Harpenden) (Con)
Yesterday evening, for some light relief, I was going through emails from constituents. One constituent runs a business that installs electric charging points. Will the Minister illustrate for the Committee how he thinks that business will flourish as a result of these measures?
Robert Jenrick
The Government have taken two measures, the first of which was in the last Budget. That created an electric charge point investment fund— £200 million of public investment—which is designed to spur an extra £200 million of private investment. A business such as the one my hon. Friend describes could be part of that. The measure could enable the business to partner with the public sector and gain the capital that it needs to develop, and will be able to take advantage of the allowance and invest early. There are now two opportunities for such a business to take advantage of tax reliefs and public investment in order to grow rapidly and enter the market.