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UK Financial Services: Passporting into the EU

Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 28th February 2017.

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Photo of Stephen Timms Stephen Timms Labour, East Ham 12:00 am, 28th February 2017

What options he is discussing with the City of London to secure passporting for UK financial services into the EU.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

We are ambitious for a deal, and it is clear that it is in the interests of both sides to maintain reciprocal market access. The important thing, however, is the end result, rather than the mechanism.

Photo of Stephen Timms Stephen Timms Labour, East Ham

A lot of jobs in the UK depend on EU banking passports. For example, US banks can locate subsidiaries in the UK and then trade freely across Europe. In the Minister’s view, what are the prospects for keeping all those jobs in the UK after Brexit?

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

We want to ensure that British companies have the maximum freedom to trade and operate within European markets, and financial services are one of the areas in which we will be seeking a bold, ambitious agreement.

Photo of Alan Mak Alan Mak Conservative, Havant

As the Minister continues his discussions on passporting, will he ensure that he maintains a dialogue with business associations and trade bodies such as TheCityUK, to ensure that we get the best possible settlement?

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

I can reassure my hon. Friend that the Treasury is very much in listening mode. We definitely want the best possible deal and we are clear that it is the end result, rather than the mechanism, that is important.