Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the eventual cost to HM Treasury of the European Union's proposed restriction of euroclearing to eurozone clearing houses should it be enforced in the United Kingdom.

The Government cannot opine on the potential cost of the ECB's location policy if enforced in the UK, until the Court of the European Union has ruled on this matter in a legal challenge brought by the UK.

The UK has brought this challenge because, if imposed, the policy would require UK-based and other non-Eurozone CCPs to relocate to the Euro area. We believe this breaches principles of EU law and the Single Market.