Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of reports that private bankers are advising clients to consider moving assets out of the UK due to uncertainty arising from Brexit.

Delivering the deal agreed with the EU27 remains the government’s top priority. It is the best way to protect jobs and economic prosperity here and in the EU, and to avoid a hard border between Ireland and Northern Ireland, while respecting the referendum result and the integrity of the United Kingdom.

In financial services, we have successfully agreed commitments for working towards a future framework with the EU, set out in the Political Declaration. These touch on the full spectrum of the UK’s White Paper position. Crucially, both sides intend to take decisions on granting equivalence at least 6 months before the end of the Implementation Period. The joint position also includes establishing processes to ensure close cooperation on regulatory and supervisory matters. This will help to preserve financial stability, market integration and investor protection.

We remain committed to preserving our competitive position in financial services after the UK has left the European Union. Our industry continues to innovate and to move with the times – we have world-leading positions in the markets of the future, including green and sustainable finance, FinTech, and renminbi and rupee products.