Oral Answers to Questions

Debate between Simon Kirby and Stephen Timms

Tuesday 28th February 2017 Commons Chamber

[Stephen Timms (East Ham) (Lab)]

15. What options he is discussing with the City of London to secure passporting for UK financial services into the EU.

[The Economic Secretary to the Treasury (Simon Kirby)]

We are ambitious for a deal, and it is clear that it is in the interests of both sides to maintain reciprocal market access. The important thing, however, is the end result, rather than the mechanism.

[Stephen Timms]

A lot of jobs in the UK depend on EU banking passports. For example, US banks can locate subsidiaries in the UK and then trade freely across Europe. In the Minister’s view, what are the prospects for keeping all those jobs in the UK after Brexit?

[Simon Kirby]

We want to ensure that British companies have the maximum freedom to trade and operate within European markets, and financial services are one of the areas in which we will be seeking a bold, ambitious agreement.