Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to (a) ensure the sustainability and (b) increase the export opportunities of the financial services sector in Wales.

A strong financial services sector in Wales and the rest of the UK is important to achieve strong and sustainable economic growth and ensure consumers and businesses can access the financial services they need.

In order to sustain and promote the sector in Wales, HM Treasury announced the appointment of Richard Theo, CEO and Co-Founder of Wealthify, as fintech envoy for Wales in May 2018. The government is committed to ensuring that the whole country, including Wales, benefits from fintech, and supporting regional fintech hubs to thrive. The Fintech Envoy for Wales plays an important role in supporting the Welsh fintech sector and provides a valuable source of information and intelligence to support policy-making to achieve this objective.

Wales exported an estimated £2.9m in financial and related professional services in 2017. The government is committed to maintaining the global appeal of the UK’s financial services sector to continue to support exports and the whole economy.