Financial Services

(asked on 8th May 2018) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the risk to the financial services sector in the event that the UK does not secure an adequacy decision on data.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 16th May 2018

As a result of the significant progress made in March’s negotiations, we are increasingly confident that we will secure a deal with the EU and that the prospect of leaving negotiations with ‘no deal’ has receded significantly.

However, a responsible government should prepare for all potential outcomes, including the unlikely scenario in which no mutually satisfactory agreement can be reached.

That is exactly what we are doing across the whole of Government, including on data protection.

The Government will continue to engage with businesses including in the financial services sector to understand the how they would operate under a range of outcomes on data protection.

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