New Clause 27 - Money laundering offences: electronic money institutions, payment institutions and deposit-taking bodies

Part of Financial Services Bill – in the House of Commons at 4:00 pm on 13th January 2021.

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Photo of Angela Eagle Angela Eagle Labour, Wallasey 4:00 pm, 13th January 2021

Does my right hon. Friend agree that the way the Government approached the Brexit negotiation means that there is literally no incentive for the EU to agree equivalence arrangements, because the lack of them means exactly what he just pointed out—jobs and trading formerly done in London migrating to the EU? Does he also agree that, in this new environment, any move by the Government to give the City a competitive edge is likely to lessen the chances of progress on equivalence in the EU, and the market access that comes with it? That is another threat to jobs in the City and to tax revenue for the Exchequer.