Financial Services: Greater London

HM Treasury written question – answered on 10th March 2017.

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Photo of Lord Patten Lord Patten Conservative

To ask Her Majesty’s Government what is their assessment of the remarks by Dr Andreas Dombret, executive board member of the German Central Bank, that post-Brexit London would remain "the most important financial centre in Europe".

Photo of Baroness Neville-Rolfe Baroness Neville-Rolfe The Commercial Secretary to the Treasury

The Government welcomes Dr Dombret’s assessment of London as the European hub for financial services and shares his vision of the UK’s continuing strength and status in this vital industry.

We are absolutely clear that a flourishing UK financial services sector is in everyone’s interests. At present 60% of European capital markets business is conducted through the UK and in 2015 our firms provided more than £1.1 trillion of lending to the EU. In addition to a world-class legal system and expertise in accountancy and project management, the UK is home to leading regulators and hosts financial markets of breadth, depth and concentration. This is unmatched in Europe and almost anywhere in the world.

Therefore, an enduring relationship in financial services is in the mutual interest of both the EU and the UK. This is one of the areas where a bold and ambitious agreement will be sought. We want to ensure that British companies have the maximum freedom to trade with and operate within European markets – and to agree mutual arrangements that let European businesses do the same in Britain.

As we prepare to leave the EU, we are determined to preserve this status and to reach an agreement that will allow the UK to provide the finance that helps the European economy grow and create jobs. In any event, London will continue to represent an attractive place to do business, and will continue to be a world-leading, global financial centre.

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