Oral Answers to Questions

Robert Syms Excerpts

Thursday 2nd December 2021 Commons Chamber

[Sir Robert Syms (Poole) (Con)]

14. What recent steps her Department has taken to increase the export of British financial services.

[Felicity Buchan (Kensington) (Con)]

15. What recent steps her Department has taken to increase the export of British financial services.

[The Parliamentary Under-Secretary of State for International Trade (Mike Freer)]

With colleagues in the Treasury, we are committed to championing export opportunities for our world-class financial services sector. We have done this through targeted export campaigns supporting specific UK financial services, as well as through signing ambitious free trade agreements that are reducing market access barriers and opening new doors for great British businesses to sell their services worldwide.

[Sir Robert Syms]

Financial services are so important to our economy, providing high-paid jobs and earning a substantial amount of revenue. We have done really well on our trade deals and it is vital that financial services are an important factor when we secure them. Will the Minister assure me that that is first and foremost in the Government’s mind?

[Mike Freer]

We share my hon. Friend’s ambition to ensure that the UK remains a global hub for services and digital trade, which is why we are striking a series of advanced, high-standard FTAs with leading nations around the world. We have already made progress: our FTA with Japan provides greater benefits for financial services than the EU-Japan FTA, and includes provisions to ban unjustified data localisation and to support regulatory co-operation. Our recently signed FTA with Australia also includes an ambitious financial services chapter that will enable businesses to build on the £800 million-worth of financial services exported to Australia in 2020. So, Mr Speaker, the answer is yes.