Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps he is taking as part of the negotiations for the UK to leave the EU to improve the competitiveness of the UK insurance industry.

The UK insurance industry is the largest in Europe and the third largest in the world. The government is aware of the important contribution of insurance to the nation’s economy and it is also keen to ensure the industry remains competitive as the United Kingdom leaves the European Union. The steps we will take in the EU negotiations will be to achieve the best possible deal for the financial services sector as a whole.

In the meantime, the government continues to improve competitiveness and encourage growth in the sector. For example, as announced in the Autumn Statement, the government is consulting on draft regulations which will introduce a competitive regulatory and tax regime for Insurance Linked Securities in the UK. The regulations are designed to allow the UK to compete in this innovative area and will enhance our position as a global insurance hub.