Question to the HM Treasury:

To ask Her Majesty's Government whether there has been any progress in respect of a trade deal on financial services after Brexit.

The Chancellor set out a proposal for a future relationship based on mutual recognition in his speech of 7 March 2018, and the European Commission has acknowledged that the existing frameworks for third country equivalence in financial services may not be an adequate basis for the future UK-EU relationship. The EU and UK have also agreed that financial services will be one of the topics included in forthcoming discussions on the Future Framework. These are important steps towards agreeing a mutually beneficial future relationship on financial services. However, the details of this new relationship are a matter for the negotiations.