Oral Answers to Questions

Tim Loughton Excerpts

Thursday 4th April 2019 Commons Chamber

[Kwasi Kwarteng]

In respect of the second referendum, as I said to my hon. Friend the Member for Corby (Tom Pursglove), it is Government policy to honour the 2016 referendum. That is what we have been tasked to do, and that is what we are 100% focused on. The second referendum is a red herring, frankly. It is not something that we countenance. We want to deliver on the 2016 referendum.

[Tim Loughton (East Worthing and Shoreham) (Con)]

19. What recent assessment he has made of the potential effect on the financial services sector of the UK leaving the EU.

[The Secretary of State for Exiting the European Union (Stephen Barclay)]

As part of the political declaration, the Government have negotiated an agreement on the future relationship for financial services that would be of greater depth than any other the EU has with a third country, while enabling our financial services sector to take up the global opportunities on offer.

[Tim Loughton]

Is the Secretary of State aware of the latest Reuters Brexit city tracker index, which revealed that no less than 7.6 million square feet of new leases were signed in the City of London last year, which is a record? The market is currently within 5% of its record high. Fewer than 2,000, or 0.5%, of City jobs have either relocated or been substituted elsewhere on the continent. When is this Armageddon because of Brexit going to happen?

[Stephen Barclay]

As a former City Minister, I take a close interest in these issues. My hon. Friend is absolutely right to draw the House’s attention to some of the developments we have seen in recent months in the City. The City has opportunities in growth areas of finance. Green finance is a key opportunity, for example, and FinTech is another. There are very good opportunities for the City in a post-Brexit world.