Question to the Department for International Trade:

To ask the Secretary of State for International Trade, what progress his Department has made on supporting UK investment banks to break into emerging markets.

Working closely with our colleagues at HM Treasury and where industry has appetite, the Department for International Trade here and overseas is supporting UK (investment) banks and other financial institutions with market access and outward direct investment. In particular, the Economic Financial Dialogues and our regular engagement in China, Brazil and India has contributed to some notable developments. Most recently, China announced on November 10 that they will open up their laws in banking and other financial services to allow majority foreign ownership.