Question to the HM Treasury:

To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 29 March (HL6581), whether the US Department of the Treasury has indicated in recent meetings with Her Majesty's Government any change to its opposition to including financial services in trade negotiations, as identified by the EU Committee in its report The Transatlantic Trade and Investment Partnership, published on 13 May 2014 (14th Report, Session 2013–14, HL Paper 179).

Her Majesty’s Treasury and the US Department of the Treasury have ongoing discussions on a range of financial services issues, including ensuring continuity when the UK leaves the EU. As the UK is currently an EU Member State, trade negotiations are the exclusive competence of the EU Commission and the UK is bound by the duty of sincere cooperation. During the implementation period, the UK will be able to forge its own way by negotiating, ratifying and signing with new partners across the world. We will only bring new arrangements into force after the conclusion of the implementation period.