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What plans the Government has to comply with provisions of the Markets in Financial Institutions Directive on broker dealers after the UK leaves the EU.
What plans the Government has to comply with provisions of the Markets in Financial Institutions Directive on broker dealers after the UK leaves the EU.
We will leave the EU on 31 January with the same regulatory rulebook, including Markets in Financial Instruments Directive (MiFID) II regulations on broker dealers, as the EU27. We have brought MiFID II regulations into UK law. Firms will be expected to comply with these UK regulations after the Implementation Period.
The UK is committed to building a strong and mutually beneficial future relationship on Financial Services with the EU after we leave.
To ask the Chancellor of the Exchequer, whether it is the Government's policy that the UK EU trade deal will include the financial services sector.
To ask the Chancellor of the Exchequer, whether it is the Government's policy that the UK EU trade deal will include the financial services sector.
To ask the Chancellor of the Exchequer, what the Government's preferred method is of ensuring continued market access to the EU for UK-based financial services firms after the UK leaves the EU.
To ask the Chancellor of the Exchequer, what the Government's preferred method is of ensuring continued market access to the EU for UK-based financial services firms after the UK leaves the EU.
The Government is determined to leave the EU with a deal. We are committed to an ambitious, broad, deep and flexible economic partnership, based on a best in class Free Trade Agreement. This is the best way to maintain and enhance our position as an open, global leader in financial services after we leave the EU.
The UK is committed to a relationship based on an expanded and improved approach to equivalence. That is the best short and long-term solution for markets, firms and investors in both the UK and the EU. Such a relationship respects the autonomy of each Party over judgements about access to their market and over legislation.
According to EY’s recently released Brexit Tracker, a third of all financial services companies have confirmed that they will move staff or operations outside the United Kingdom. Most are going to Dublin, Frankfurt and Luxembourg, and they are going because this Government cannot give them the basic assurances for which they, and we, have been asking for 18 months. After eight failed years of Conservative government, we simply cannot afford this. What are the Government going to do to stop it getting any worse?
According to EY’s recently released Brexit Tracker, a third of all financial services companies have confirmed that they will move staff or operations outside the United Kingdom. Most are going to Dublin, Frankfurt and Luxembourg, and they are going because this Government cannot give them the basic assurances for which they, and we, have been asking for 18 months. After eight failed years of Conservative government, we simply cannot afford this. What are the Government going to do to stop it getting any worse?
I am amazed that the hon. Gentleman did not mention the fact that the City has yet again been rated the top financial centre in the world. We hear nothing but doom and gloom from the Labour party about the future of our economy. If the hon. Gentleman thinks that the solution to our problems is calling business the enemy and overthrowing capitalism, he is seriously mistaken.
The UK’s economic growth in the final quarter of 2017 was the weakest of any economy in the G7, and the OBR is forecasting that the UK is on course for our worst period of economic growth since the end of the second world war. However, none of these already dire forecasts factors in a no-deal Brexit, which would have a severe impact on jobs, growth and tax revenues. We know the Chancellor knows this; indeed, he has said so publicly. The question is: why are his colleagues not listening to him?
The UK’s economic growth in the final quarter of 2017 was the weakest of any economy in the G7, and the OBR is forecasting that the UK is on course for our worst period of economic growth since the end of the second world war. However, none of these already dire forecasts factors in a no-deal Brexit, which would have a severe impact on jobs, growth and tax revenues. We know the Chancellor knows this; indeed, he has said so publicly. The question is: why are his colleagues not listening to him?
It is very important that in the negotiations with the European Union we always keep the option of no deal on the table; otherwise, we will not get the best possible deal. But we are very confident of achieving a good deal. Why is the hon. Gentleman not welcoming the fantastic economic news we have had this morning: the lowest unemployment—again—since 1975, and wages up by 2.8%? It seems to me that there are an awful lot of Eeyores on the Opposition Benches.
To ask the right hon. Member for Meriden, representing the Church Commissioners, what steps are being taken to roll out financial education in Church of England schools.
To ask the right hon. Member for Meriden, representing the Church Commissioners, what steps are being taken to roll out financial education in Church of England schools.
In a recent submission to the Department for Education consultation on the future of PSHE education the Just Finance Foundation set up by the Archbishop of Canterbury reported that 40% of UK adults have less than £100 in savings and struggled to manage money. The impact of potential lifelong indebtedness makes financial capability an issue of pressing importance for younger generations. The Church of England approached this through the foundation of an education programme called LifeSavers.
LifeSavers was designed to practically demonstrate how schools can weave financial education throughout the teaching and life of the school in a way that is sustainable. Funding has currently has enabled the scheme to operate in 70 schools with a further 50 next year. Half of the number of LifeSavers schools operate in Church of England schools and more than 15,600 pupils have already taken part in LifeSavers, and over 1,200 teachers have been trained through its Continuing Professional Development (CPD) programme. The results seen by the Just Finance Foundation to their projects has led them to press the Department for Education to put financial education on an equal footing within the PSHE curriculum.
To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the potential benefit to (a) small businesses seeking access to finance and (b) the alternative finance industry of implementing the Commercial Credit Data sharing scheme.
To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the potential benefit to (a) small businesses seeking access to finance and (b) the alternative finance industry of implementing the Commercial Credit Data sharing scheme.
The Government’s SME credit data sharing scheme will make it easier for challenger banks and alternative finance providers to check the creditworthiness of businesses, which will improve the chances of them being able to provide finance to SMEs.
Each of the banks designated by the Government has received a formal letter from at least one of the designated credit reference agencies to request the data that banks are required to share under the scheme. All nine designated banks will therefore be sharing data by the end of the year.
The Treasury’s assessment of the impact of the scheme was published alongside the relevant legislation:
https://www.legislation.gov.uk/ukia/2015/273/pdfs/ukia_20150273_en.pdf
The regulations include a requirement for the Treasury to review the scheme, and the Competition and Markets Authority’s final report under the Retail banking market investigation recommended that the Treasury review the scheme in summer 2018.
To ask the Chancellor of the Exchequer, what his Department’s timetable is for the implementation of the Commercial Credit Data Sharing scheme.
To ask the Chancellor of the Exchequer, what his Department’s timetable is for the implementation of the Commercial Credit Data Sharing scheme.
The Government’s SME credit data sharing scheme will make it easier for challenger banks and alternative finance providers to check the creditworthiness of businesses, which will improve the chances of them being able to provide finance to SMEs.
Each of the banks designated by the Government has received a formal letter from at least one of the designated credit reference agencies to request the data that banks are required to share under the scheme. All nine designated banks will therefore be sharing data by the end of the year.
The Treasury’s assessment of the impact of the scheme was published alongside the relevant legislation:
https://www.legislation.gov.uk/ukia/2015/273/pdfs/ukia_20150273_en.pdf
The regulations include a requirement for the Treasury to review the scheme, and the Competition and Markets Authority’s final report under the Retail banking market investigation recommended that the Treasury review the scheme in summer 2018.
To ask Mr Chancellor of the Exchequer, what recent discussions the Economic Secretary to the Treasury has had with representatives of the UK financial services sector on the UK's exit from the EU since assuming office.
To ask Mr Chancellor of the Exchequer, what recent discussions the Economic Secretary to the Treasury has had with representatives of the UK financial services sector on the UK's exit from the EU since assuming office.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.
Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: