Financial Services: UK Trade with EU
The question
To ask the Chancellor of the Exchequer, what steps the Government is taking to increase access to EU markets for UK collective Investment in transferable securities schemes; and what steps her Department is taking to help promote UK funds given their classification as alternative investment funds under EU rules.
Answered by Tulip Siddiq
The UK has granted market access to certain retail funds from the European Economic Area under the Overseas Funds Regime. Decisions regarding market access for UK firms or products into the European Union are an autonomous decision for the European Union. The government has committed to reset the UK’s relationship with the European Union through strengthening ties, securing a broad-based security pact, and improving conditions for trade and investment. This recognises the inter-connectedness of our markets and ensures that our approach to financial services supports growth and delivers investment.
Ministers and officials at HM Treasury continue to engage regularly with the European Union and Governments in other jurisdictions, including through Economic and Financial Dialogues, to address barriers to UK financial services products being marketed abroad, and to promote the UK’s world-leading financial services sector.
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