Oral Answers to Questions

Wera Hobhouse Excerpts

Tuesday 17th July 2018 Commons Chamber

[Mr Gyimah]

The potential impact on suppliers and the supply chain is a very valid concern, given the market power that the combined entity will have, which is why my right hon. Friend the Secretary of State wrote to the CMA asking it to look at the impact on the supply chain as part of its ongoing investigation.

[Wera Hobhouse (Bath) (LD)]

14. What assessment he has made of the effect on the services sector of the Government’s negotiating position for leaving the EU agreed on 6 July 2018.

[The Secretary of State for Business, Energy and Industrial Strategy (Greg Clark)]

The Government are seeking a comprehensive deal on services that will continue to allow our thriving services sector to trade with the rest of the EU, including, for example, through the mutual recognition of professional qualifications and a new economic and regulatory arrangement on financial services.

[Wera Hobhouse]

The City of London Corporation said of the Brexit White Paper

“the financial and related…services sector will be less able to create jobs, generate tax and support growth”

across the wider economy. What discussions did the Government have with the services sector before the Chequers deal was signed off?

[Greg Clark]

I and our colleagues in the Treasury have constant discussions with the services sector. It is important that our distinctive financial services sector not be subject to a set of rules in the future that might be very much against its interests. Everyone who knows the City needs to recognise that the flexibility and distinctiveness of our approach must continue.