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Financial Services: Euro

HM Treasury written question – answered on 23rd November 2016.

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Photo of Stephen Timms Stephen Timms Labour, East Ham

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 14 November 2016 to Question 52148, if he will make an assessment of the potential implications for his Department's policies of a transfer of jobs related to Euro-dominated clearing from London to Europe.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

As previously stated by the Chancellor during Treasury Oral questions on 25 October 2016, the jobs attached to euro-denominated clearing constitute a relatively low part of the total employment in the financial sector. However, the activity forms an important part of the overall financial structure in London. For financial services in particular, securing the best possible deal means recognising the importance of access to EU markets.

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