[3rd Allotted Day]

Part of Business of the House – in the House of Commons at 11:51 am on 6th December 2018.

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Photo of Philip Hammond Philip Hammond The Chancellor of the Exchequer 11:51 am, 6th December 2018

I am afraid that the hon. Gentleman is just wrong on the question of the financial services community and WTO. The financial services community would not support a WTO exit. That would be the worst possible scenario for financial services, with no time for preparation. Frankly, given the role of financial services in our economy—7% of our GDP—and their even larger role in our fiscal economy, accounting for over 11% of our fiscal revenues, anything that damages that industry will be extremely damaging to our economy and our public services.