Asked by: Sandy Martin (Labour - Ipswich)
Question to the Department for Exiting the European Union :
To ask the Secretary of State for Exiting the European Union, what estimate his Department has made of the potential effect on sales of insurance products in the EU by UK companies of the UK leaving the EU outside the Customs Union.
Answered by Chris Heaton-Harris - Secretary of State for Northern Ireland
Leaving the Customs Union will have no direct impact on sales of insurance products in the EU by UK firms, as the Customs Union only applies to goods.
Financial services is an important sector for the UK and for the EU. The Government’s position remains that we should agree a close future relationship on financial services with the EU that preserves the mutual benefits of our uniquely integrated markets, while protecting financial stability, consumers, businesses and taxpayers across the UK and the EU.
In line with the government’s proposals, the Political Declaration includes commitments to close and structured cooperation on regulatory and supervisory matters in financial services, grounded in the economic partnership.