Question to the HM Treasury:

To ask Her Majesty’s Government how they plan to ensure that London remains an important financial centre in the European market.

We are absolutely clear that the UK maintaining its position as an important financial centre in European markets is in the interest of the UK, the EU and the rest of the world. Currently, 60% of all European capital markets business is conducted through the UK and in 2015 our firms provided more than £1.1 trillion of lending to the EU. In addition to a world-class legal system and expertise in other associated professional services, the UK is home to leading regulators and hosts financial markets of breadth, depth and concentration.

Therefore, an enduring relationship in financial services is in the mutual interest of both the EU and the UK. This is one of the areas where a bold and ambitious agreement will be sought. We want to ensure that British companies have the maximum freedom to trade with and operate within European markets – and to agree mutual arrangements that let European businesses do the same in Britain.

As we prepare to leave the EU, we are determined to preserve our status as a financial centre and to reach an agreement that will allow the UK to provide the finance that helps the European economy grow and create jobs, just as it does now. Working with industry we will act to maintain and grow the UK’s position as a major European financial centre, but also as a gateway to the rest of the world. London will continue to represent an attractive place to do business, and will continue to be a world-leading, global financial centre.