Financial Services

(asked on 8th May 2019) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of remarks by the chief executive of the Financial Conduct Authority about the impact of a post-Brexit customs union on the UK financial services sector.


Answered by
Lord Young of Cookham Portrait
Lord Young of Cookham
This question was answered on 21st May 2019

A customs union would eliminate tariff and rules of origin barriers on trade in goods only, as they do not concern trade in services.

The Government’s ambition is to preserve the economic benefits of the most important financial services traded between the UK and the EU, and ensure stable institutional processes for governing the relationship in financial services. This is the best way to protect financial stability and open markets, and is in the interests of businesses and consumers on both sides. This ambition is reflected in the Political Declaration agreed by the UK and the EU in November 2018.

We remain committed to preserving our competitive position in financial services after the UK has left the European Union. Our industry continues to innovate and to move with the times – we have world-leading positions in the markets of the future, including green and sustainable finance, FinTech, and renminbi and rupee products.

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