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Financial Services (Implementation of Legislation) Bill [Lords]

Part of the debate – in the House of Commons at 7:10 pm on 11th February 2019.

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Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury 7:10 pm, 11th February 2019

I thank all Members for their contributions to the debate. As my right hon. Friend the Financial Secretary to the Treasury set out earlier, the Government do not want a no-deal scenario, but our job as a responsible Government is to prepare for all possible outcomes, including reaching 29 March without a deal. The Bill forms an important part of those preparations. In a no-deal scenario, it would ensure that we could maintain the UK’s reputation as a global leader and that the competitiveness of our financial services industry would be maintained. The UK has in many cases played a leading role in shaping these proposals over a number of years, and they will bring benefits to UK consumers and businesses once they have been implemented. I want to talk about the four or five themes that have been raised in the debate, after which I will address the points made by Mary Creagh.