Financial Services: EU Action

HM Treasury written question – answered on 28th January 2015.

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Photo of Mike Weatherley Mike Weatherley Conservative, Hove

To ask Mr Chancellor of the Exchequer, what progress has been made on securing an emergency brake for any member state on future EU legislation affecting financial services.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

The Government is continually working to ensure that UK interests are fully reflected in EU negotiations on financial services legislation, which are particularly important to the UK given the size of our financial services industry. In negotiations on the creation of a banking union for the single currency, the Government secured important safeguards for the single market, including a new double majority voting system at the European Banking Authority, and protection against UK financial liability through the new Single Resolution Mechanism. As we work with other Member States to improve the functioning of the EU, increase Europe’s competitiveness and complete the single market, we will continue to ensure that the UK’s interests in financial services are fully protected.

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