Examination of Witness

Part of Financial Services and Markets Bill – in a Public Bill Committee at 10:40 am on 19 October 2022.

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Photo of Andrew Griffith Andrew Griffith The Financial Secretary to the Treasury 10:40, 19 October 2022

Q Thank you, Chris. I think we would all agree that payment systems are an increasingly important feature of our financial system. To be fair to them, I am trying to ask all the witnesses today broadly the same open, wide question, which is this: as we think about the Bill and the importance of the United Kingdom as a location for financial services—they are a really big part of our economy and, as we have just heard, produce jobs and prosperity across the whole United Kingdom—where do you think the opportunities for us are in the Bill, not just as we diverge from European-mandated regulation, but as we embrace new technology and seek to make ourselves more competitive? I will lead you a little, because some of the witnesses have struggled to get there: who is your competitive set when you think about the corpus as well as the operation of regulation? I hope that is open enough to give you the chance to speak.