Question to the Department for Exiting the European Union :

To ask the Secretary of State for Exiting the European Union, what assessment his Department has made of the (a) short-term and (b) long-term risks to the UK financial services after the UK leaves the EU.

The Government is undertaking a wide range of ongoing analysis in support of our EU exit negotiations and preparations.

We have been clear in our ambition to agree a broad and comprehensive trade agreement with the EU, which should cover financial services and protect the role of the City of London as a top global financial centre in the future. In March this year, London was named once again as the world’s leading financial centre; we are committed to maintaining that position.

We have also been clear that a good deal on financial services is in the mutual interest of the UK and the EU. Firms across the EU will continue to want to access the unrivalled depth and breadth of London’s capital markets.

We will also seek to establish strong cooperative oversight arrangements with the EU and will continue to support and implement international standards to continue to safely serve the UK, European and global economy. It is in both sides’ interests to ensure that we agree oversight arrangements that promote the maintenance of financial stability.

The Government has previously confirmed that when we bring forward the vote on the final deal, we will ensure that Parliament is presented with the appropriate analysis to make an informed decision – in relation to all sectors of the economy, including financial services.