Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to his oral contribution of 9 November 2020, Official Report, column 623, whether it remains the Government’s policy to ensure that the UK remains the most open, the most competitive and the most innovative place to do financial services anywhere in the world.

n a statement to the House of Commons in November, the Chancellor set out the Government’s vision for the UK’s financial services sector. This vision is of a sector that is more open; more technologically advanced; and a world-leader in the use of green finance, serving the communities and citizens of this country.

Since November, numerous steps have been taken to progress this vision, and these were strengthened further at Budget and by the passing of the Financial Services Act in April.

In addition, we have set out our response to Ron Kalifa’s review of UK Fintech to ensure we continue to build on our existing strengths as a world leader in financial technology.

We are also taking forward each of the recommendations in Lord Hill’s recent Listings Review that were addressed to the Treasury. We have shared our plans to consult on reforms to the wider capital markets regime this summer, with the aim of supporting competitiveness whilst ensuring the UK maintains high regulatory standards.

The government is also building new and deeper financial services relationships with countries across the globe via new trade agreements and through regular and established economic and financial dialogues.

Whether it be through our international engagement or domestic reviews, we are ensuring that the UK continues to be a world leader in financial services.