Oral Answers to Questions

Marco Longhi Excerpts

Tuesday 7th February 2023 Commons Chamber

The Chancellor of the Exchequer was asked—

[Marco Longhi (Dudley North) (Con)]

2. What steps he has taken to help support the financial services sector since the UK’s departure from the EU.

[The Chancellor of the Exchequer (Jeremy Hunt)]

Mr Speaker, I did check that my Department still exists before coming along today, and you will be pleased to know that the great ship of state that is the Treasury sails serenely on.

In December, I announced the Edinburgh reforms, which take forward the Government’s ambition for the UK to be the world’s most innovative and competitive global financial centre.

[Marco Longhi]

Can the Chancellor please describe any relationships, or plans for them, to deliver the United Kingdom as a global financial hub, especially given the lack of equivalence with the EU?

[Jeremy Hunt]

I am very happy to do that for my hon. Friend. The flexibilities that we have since leaving the EU mean that we are able to do the Solvency II reforms, which mean that potentially £100 billion of extra investment will go into UK companies. Indeed, the whole of the Edinburgh reforms give us the opportunity to rethink our regulatory structures so that we do not just remain the world’s second largest exporter of financial services, but go from strength to strength.