Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the potential effect of the UK leaving the EU on the transposition of the Basel III reform measures into UK law.

The Government continues to support the need for international standards, such as the capital framework developed by the international Basel Committee on Banking Standards. These are important to ensure both financial stability and a level playing field for the UK’s world-leading financial services industry.

The Prime Minister has been clear that the negotiation for Britain’s future relationship with Europe will begin under a new Prime Minister. Until negotiations are concluded, we remain a full member of the EU and must meet our obligations as a member of the EU.