Financial Services: UK Trade with EU
The question
To ask the Chancellor of the Exchequer, whether she has made an estimate of changes to the cost of trading with the EU for financial services firms based in the UK since the EU-UK Trade and Cooperation Agreement came into force.
Answered by Lucy Rigby
The Trade and Cooperation Agreement remains a cornerstone of our relationship with the EU. The government is committed to its full implementation and to maximising the benefits for UK citizens and businesses. However, it is for the Office for Budget Responsibility (OBR) to provide independent and authoritative analysis and forecasting for the UK public finances.
We have reset our relations with European partners in order to improve our diplomatic, economic, and security cooperation following Brexit. The Prime Minister hosted the inaugural UK-EU Summit on 19 May 2025, where we reached a significant new agreement to build a new strategic partnership with the EU. It was the first of annual summits, that will provide opportunities to strengthen our relationship and ensure that opportunities for cooperation are maximised for years to come.
In financial services, strengthening our relationships with all international partners, including the EU, is a key focus of the government’s Financial Services Growth and Competitiveness Strategy published in July.
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