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Luxembourg Compromise

House of Lords written question – answered on 24th July 2013.

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Photo of Lord Pearson of Rannoch Lord Pearson of Rannoch UKIP

To ask Her Majesty’s Government what is the present status of the Luxembourg Compromise; how many times it has been invoked, and to what effect; and whether they intend to use it in relation to proposals affecting the United Kingdom's financial services industry.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

The Luxembourg Compromise is a convention which has not been formalised and the procedure for invoking it is not defined.

The Government has always led the case for a competitive and stable UK financial services sector and believes that the prosperity of the City is in the interests of the UK and the EU. The Government will use the relevant negotiating and legal framework to protect the interests of the UK financial services sector.

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