Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will make it his policy to ensure that the status of the City of London as a world financial centre is explicitly protected during the renegotiations on the UK's membership of the EU.

As part of the European reform agenda the Government is negotiating ensure competitiveness is embedded in the DNA of the EU, so that the UK financial sector can continue to thrive as the global centre of European finance. The Government is also negotiating to ensure that the UK remains able to effectively safeguard the stability and integrity of the UK’s financial system. This means ensuring that UK regulators have responsibility for financial stability and supervision in the UK.

The City of London does not, however, get special treatment in the Government’s reform agenda. A special protection for the UK financial sector would not be in the interests of the single market in financial services, from which the UK benefits. Instead, we are demanding that the single market works in the interest of all 28 Member States.