Oral Answers to Questions Debate
Full Debate: Read Full DebateDepartment: Department for Exiting the European Union
Vicky Ford
Main Page: Vicky Ford (Conservative - Chelmsford)Department Debates - View all Vicky Ford's debates with the Department for Exiting the European Union
(5 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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.
Vicky Ford (Chelmsford) (Con)
There seems to be some confusion about customs unions. Can my right hon. Friend the Secretary of State confirm that a customs union would not cover how we regulate our financial services, how we fish, how we farm or freedom of movement? It should be perfectly possible to discuss a customs union without using any F-words.
Stephen Barclay
My hon. Friend is absolutely right. There is one tweak around fishing and fish, but other than that I absolutely agree with her. I remind the House that financial services alone contribute, from memory, around £71 billion in tax to the UK economy. With an economy that is 80% services, there is an opportunity post Brexit for us to take a more bespoke approach that will enable us to maximise the opportunities on offer.