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Banks: EU Countries

Question for Treasury

UIN HL14795, tabled on 12 April 2021

To ask Her Majesty's Government what talks they have held with banks about requests by the EU to move more (1) functions, and (2) people, from offices in the EU to the UK; and what assessment they have made of any such requests.

Answered on

26 April 2021

Treasury officials and Ministers carry out extensive engagement with the banking sector, regularly meeting with a wide range of firms 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 online[1].

The Bank of England (through the Prudential Regulation Authority) and the Financial Conduct Authority are responsible for supervising financial services firms in the UK.

The EU’s actions are fundamentally for them to articulate. We believe open markets are a global good, and they are best supported by global standards and effective regulation. Fragmentation is not in anyone’s interests.

The Chancellor set out in November our ambitious plans to renew the UK’s position as the world’s pre-eminent financial centre – ensuring it is more open, technologically advanced, a global leader in green finance, and of course well-regulated.

[1] https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel

Answered by

Treasury