Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what estimate he has made of how many people in (a) Greater London and (b) the UK are directly employed in the private equity sector; and what estimate he has made of the number of jobs in that sector which might be relocated from the UK after the UK leaves the EU.

The government is clear that financial services makes a valuable contribution to the UK economy. It is a significant employer, with over a million people working in the sector. It is difficult to quantify the exact number of jobs in each sub-sector that are based specifically in Greater London. The most recent ONS breakdown of workforce location estimates that one third of jobs in the financial services industry are based in London.

We have been clear that we are committed to getting the best possible deal for trade in UK goods and services. For financial services specifically, that means recognising the importance of access to EU markets for many parts of the sector, and prioritising securing this access where it matters.

In terms of clearing, I refer the honourable member to the answer given by the Chancellor during Treasury Oral questions on 25 October 2016.