Oral Answers to Questions

Stephen Timms Excerpts

Tuesday 9th March 2021 Commons Chamber

[Rishi Sunak]

My hon. Friend is absolutely right. Our priority economically is to protect, support and create as many jobs as possible, and the support that we have provided to businesses will help to do that. My hon. Friend talks about breathing space; he is right to say that measures to improve businesses’ cash flow in the short term will help give them the breathing space they need to drive our recovery as they begin to reopen in the coming months.

[Stephen Timms (East Ham) (Lab)]

If he will make a statement on his departmental responsibilities.

[The Chancellor of the Exchequer (Rishi Sunak)]

Last week I presented to the House a Budget to protect the jobs and livelihoods of the British people, confirming more than £400 billion of support over this year and next, ranking as one of the most comprehensive responses of any country anywhere in the world. We also set out a fair and honest plan to begin fixing our public finances while also starting the work of building our future economy.

[Stephen Timms [V]]

How are the crucial EU negotiations on the memorandum of understanding on financial services progressing? Given its importance to the UK economy—by comparison, for example, with fishing—why was it not included in the overall deal?

[Rishi Sunak]

I cannot comment on ongoing negotiations; we remain committed to a constructive dialogue with our European partners regarding the memorandum of understanding, and I can confirm that those discussions are under way. With regard to financial services, I hope that the right hon. Gentleman saw the announcement of our listings review. I thank Jonathan Hill for his excellent work. We will take forward those reforms together with the Financial Conduct Authority to ensure that the UK remains one of the most attractive places anywhere in the world for companies to raise the finance they need to empower their future growth.