Financial Services Industry

Part of Exiting the European Union – in the House of Commons at 12:00 am on 27th April 2017.

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Photo of Robin Walker Robin Walker The Parliamentary Under-Secretary of State for Exiting the European Union 12:00 am, 27th April 2017

My hon. Friend absolutely right. As a priority, we are pursuing a bold and ambitious trade agreement with the European Union. That agreement should be of greater scope and ambition than any seen before it, so that it covers sectors that are crucial to our linked economies, such as financial services. We know that our European neighbours have a stake in this, too, because they do not want European firms to lose access to the City of London’s financial services. Financial stability is important, not only for the UK but for the whole of Europe, which is one reason why we want to reach a deal with the EU on financial services. We will seek to establish strong co-operative oversight arrangements with the EU and will continue to support and implement international standards to safely serve the UK, European and global economy.