UK as a Financial Services Hub — [Graham Stringer in the Chair]

Part of the debate – in Westminster Hall at 9:30 am on 6th February 2019.

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Photo of Bim Afolami Bim Afolami Conservative, Hitchin and Harpenden 9:30 am, 6th February 2019

I defer to my hon. Friend’s experience as a very senior partner at a major accounting practice. The regulation of financial services has moved from a national to a regional level and now to a global level, for instance through Basel and Solvency II. Let us consider the reasons that Solvency II was brought in for the insurance industry. Britain—not just the Treasury but also the Bank of England—needs to make sure that as we leave the European Union, we do not lose our voice at the global level. If we do, we will have to implement regulations that we will not have taken part in shaping. I will address that further on in my remarks.