Hilary Benn – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Hilary Benn on 2016-10-11.

To ask Mr Chancellor of the Exchequer, if he will estimate the potential change in (a) the number of jobs in the UK and (b) tax revenue collected by HM Treasury in the event of euro-denominated clearing being no longer permitted once the UK leaves the EU.

Mr David Gauke

The ability to clear financial instruments denominated in different currencies in the same clearing house (CCP) brings considerable efficiency savings to customers. UK CCPs are supervised to the highest global standards by the Bank of England and the Government will keep on doing what it takes to see the UK’s financial industry remains a world leader.