Financial Services: Regulation
The question
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of UK-US regulatory co-operation on the ability of smaller UK financial services firms to compete internationally.
Answered by Treasury
The Government is committed to ensuring that the UK remains an open and connected financial centre, while upholding high international regulatory standards. The US is the UK's largest financial services trading partner and a key partner in promoting growth and competitiveness across the sector. Through the Transatlantic Taskforce for Markets of the Future, the UK and US have agreed a forward-looking programme of collaboration focused on capital markets and digital assets.
The Taskforce’s recommendations seek to address practical barriers faced by UK firms, including to reduce frictions between UK and US markets and fragmented digital asset markets. They include work to support UK firms accessing US markets, promote cross-border experimentation in tokenised assets and provide greater regulatory clarity. These recommendations are intended to reinforce the competitiveness and global leadership of both the UK and US financial sectors.
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