Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what his policy is on future regulatory cooperation with the EU on financial services.

Alongside the Trade and Cooperation Agreement, the UK and EU have agreed, in the Joint Declaration on Regulatory Cooperation, to establish structured regulatory cooperation for financial services.

To that end, a Memorandum of Understanding will be agreed in discussions between the EU and UK, to establish a framework for this cooperation. We have had initial conversations with the EU, but we will not be providing a running commentary on those discussions.