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Helping to serve your community, Chris Evans MP Help Shape Britains Progressive Future

4th November 2016 - Islwyn MP demands government answers for financial services

Islwyn MP demands government answers for financial servicesThe MP for Islwyn, Chris Evans, has demanded answers from the government on the effect leaving the European Union will have on the financial services sector during a Parliamentary debate.

The financial and related services sector employs over 2 million people across the United Kingdom, including 54,300 in Wales, accounting for 11.8% of UK GDP. The sector is also the largest tax contributor of all industries, contributing £66 billion of tax revenue in 2014-15.

Banks and financial services rely on the UK’s membership of the European Union to do business. Many regulations relied upon by the sector originates in the EU and special passport rights allow 5,476 UK-based companies to do business in the EU.

Mr Evans, who once worked in financial services, said: ‘The financial services sector is a crucial part of the UK economy employing 1 in 14 people across the country. They work every day to provide the resources individuals and businesses need to grow and reach their potential.

‘Yet the outlook for ordinary people working across the country in this industry could be grim. If the government mishandles negotiations as we leave the EU, the industry, those working within it and taxpayers are all likely to suffer.

‘The government must work now to work with and provide answers for the financial services sector. Uncertainty puts jobs and livelihoods at risk, including in my own constituency, and the government must put an end to it.’

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