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Export of Financial Services

Volume 701: debated on Thursday 21 October 2021

My hon. Friend will know that the UK is a global financial services hub. The Government’s ambition is to champion this success and promote further growth in financial services through supporting UK businesses to set up shop in markets around the world and striking ambitious progressive trade agreements to open up new markets for our financial services exporters.

We are already one of the world’s largest net exporters of financial services, but does my hon. Friend agree that if we are to expand financial services trade even further, we need the regulator to be as energetic and committed as this Government are to expanding that trade?

My hon. Friend is absolutely correct. As someone who has come from a financial services background, I have felt the regulator’s hand on my shoulder, so I do understand that regulation can be good, but equally our regulators need to be entirely in tune with our export policy. My colleagues in the Treasury who lead on regulation will be ensuring that our regulator works closely with our export strategy. Specifically, I refer my hon. Friend to some of the annexes particularly in our trade deal with Japan where the benefits of that work can already been seen.