Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the analysis conducted by the EY financial services Brexit Tracker, published on 7 January, which states that financial services companies have moved approximately £800 billion of assets to Europe; and what assessment, if any, they have made of the impact of such asset moves on the UK financial services sector post-Brexit.

This question was answered on 21st January 2019

We remain committed to preserving our competitive position in financial services after the UK has left the European Union.

Firms that are using the EU “passport” to serve clients recognise that further steps to legal certainty remain, and are taking the sensible step of carrying out contingency planning with respect to their operations in the UK and elsewhere in Europe for the event that no deal is reached with the EU.

We have successfully agreed commitments for working towards a future framework with the EU on financial services and both sides intend to take decisions on granting equivalence at least 6 months before the end of the Implementation Period.

The Government’s long-term economic analysis sets out the impact of the UK’s White Paper position on the financial services sector.