Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, how many UK financial services firms have attained a presence in Europe since the EU referendum.

Many financial services firms have existing subsidiaries in the UK and are currently able to access the EU Single Market via passporting. If the UK leaves the European Union without a negotiated deal then these firms may be unable to access their European clients. To mitigate this risk and ensure service provision, some firms may need to establish or scale up subsidiaries in the EU27.

However, the Chancellor outlined the government’s position on financial services and EU exit in his speech on 7 March. The government is aiming for financial services to be included as part of a wide-ranging future economic partnership with the EU, that enables the delivery of cross-border financial services in both directions – this is the best way to maintain the benefits that the UK’s financial services hub provides to the UK and to the EU27.

The UK and EU negotiating teams reached a hugely important milestone at March European Council by agreeing the terms of a time-limited implementation period. During this implementation period, access to one another’s markets will remain unchanged and on the current terms. This will allow citizens and businesses in the UK and across the EU to plan with confidence for life after withdrawal from the EU.

The European Central Bank (ECB) maintains a list of financial services institutions operating in the EU at the following address:

http://www.ecb.europa.eu/stats/financial_corporations/list_of_financial_institutions/html/index.en.html