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To ask the Chancellor of the Exchequer what steps he is taking to ensure that the UK's international financial services sector is globally competitive in carbon trading.
The Government are committed to ensuring that the UK's international financial services industry remains an essential and important part of the global economy. The UK is globally competitive in carbon trading, hosting over 50 per cent. of volume of the global carbon market. In line with broader commitments to fair, stable and efficient financial markets, the Government have recently introduced legislation to improve the efficiency and accessibility of UK carbon auctions, as set out in Budget 2009. The Government also have a business advice office to support and promote UK private sector involvement in the international carbon market.