Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what plans he has to promote the UK as a global financial centre?

The UK is home to the world’s preeminent financial centre. In addition to our natural advantages, such as a central time zone and the English language, we have strengths across all the major sectors – banking, asset management, and insurance – alongside a globally respected regulatory system, and world-class legal and professional services.

The government is committed to further enhancing this position, as well as strengthening the UK’s already world-leading positions in the markets of the future, whether in FinTech, green and sustainable finance, or rupee and renminbi products. In addition, the government maintains an open and constructive dialogue with the financial services sector. This includes through the Financial Services Trade and Investment Board, which is tasked with boosting and promoting the competitive position of UK financial services.

The UK also holds a number of annual Economic and Financial Dialogues (EFD) with key emerging markets, such as the UK-Brazil EFD last held in July, the UK-China EFD taking place this December, and the UK-India EFD which will take place again next year. These EFDs are Chancellor led Treasury to Treasury dialogues, aimed at increasing financial cooperation and establishing the UK as the partner of choice for priority overseas markets.