In this session, the UK Trade and Business Commission met to hear from experts who can outline what the UK Government can do to support the growth of Financial Services and FinTech industries.

The UK is a services trade superpower and the second largest exporter in the world at the time of this session. Its strengths are diverse, from educating international students to hosting film production, financing major infrastructure to supplying architects and skilled engineers to turn a plan to reality. These are delivered by companies of all sizes, including major multinationals, historic institutions like universities, small consultancy firms, and the self-employed.

This meeting considered the short and long-term impact of the Trade and Cooperation Agreement on the UK’s financial services sector. Witnesses were asked to outline the nature of UK trade in financial services, the impact of barriers to trade with the EU, and opportunities available elsewhere. Whilst the supporting professional services environment in London was referenced it was not the main focus of this session. The intention was rather to focus on the detail of the financial services sector, the nature of the change from member to third country, how this affects UK trade, and what practical steps can be taken with the EU and other markets to strengthen the UK.