Sir Nicholas Soames: To ask Mr Chancellor of the Exchequer, what assessment he has made of the ability of the financial service industry to continue to service cross-border clients after 2019 in the event that a transition period has not been agreed with the EU; and if he will make a statement.

Stephen Barclay, Economic Secretary to the Treasury: Since the referendum last year, the Government has undertaken an extensive programme of engagement with financial services firms, in order to listen to concerns from across the sector and to understand how the UK’s exit from the EU could impact firms and their customers in a range of different scenarios. We have been clear that we are aiming for a deep relationship with our EU partners which will maintain as much of the current cross-border arrangements as possible.

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