Extracts from Commons debate on the Budget (day 4) - November 28
Wednesday, 29 November 2017 08:11
Stewart Hosie (Dundee East) (SNP):...I say that because the
uncertainty created by the hard Tory Brexit plans is already
harming the economy. The UK Government’s failure so far to secure a
transitional deal is pushing many banks, in particular, and other
companies to start looking to relocate to other parts of the EU for
fear of being unable to trade freely there in April 2019. Indeed,
the Bank of England has warned that 75,000 jobs might be at risk in
the banking sector alone, and many of...Request free trial
(Dundee East)
(SNP):...I say that because the uncertainty created by the
hard Tory Brexit plans is already harming the economy. The UK
Government’s failure so far to secure a transitional deal is
pushing many banks, in particular, and other companies to start
looking to relocate to other parts of the EU for fear of being
unable to trade freely there in April 2019. Indeed, the Bank of
England has warned that 75,000 jobs might be at risk in the banking
sector alone, and many of those may well move to the EU. It is
vital that we remedy that, and do so quickly, as FinTech, which is mentioned in the White Paper,
is undoubtedly one of the areas that ought to be able to make a
positive contribution to the future economy of the UK. However, if
we do not resolve this issue, meaning that banks’ head offices and
decision-making functions go, I fear that FinTech and the ability to fund it will be
subsequently reduced...
The Chief Secretary to the Treasury (Elizabeth
Truss):...The Government know that private investment in
high-growth businesses benefits us all through new technology,
higher living standards and more jobs. This year a record £2
billion was invested in FinTech alone. This Budget builds on
that success by unlocking more than £20 billion of investment to
finance growth in innovative firms. As my hon. Friend the Member
for Mid Norfolk (George Freeman) said, £1 billion is also being
invested in the life sciences sector...
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