UK Finance responds to Treasury Committee inquiry on post-Brexit financial services

Responding to the launch of a new Treasury Committee inquiry into the future of the UK's financial services post-Brexit, UK Finance Chief Executive Stephen Jones said:

?The UK's position as a world-leading financial centre post-Brexit is central to our economic and social prosperity. It is crucial that the government, Parliament, regulators and the industry all work closely together to preserve it.

?We must avoid fragmentation of global markets in which the UK is a leader, maintain strong and proportionate regulation whilst supporting innovation including in our critical fintech sector. We also need to ensure the UK's tax policy is globally competitive.

?The UK is and should always seek to be the safest and most transparent place for financial service providers to do business, with an unwavering commitment to eliminating cyber and economic crime.?

Notes to editor

UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.?</li>
Analysis by PwC for UK Finance has found a typical corporate and investment bank in London faces a total tax rate of 50.4 per cent, the highest rate out of five leading financial centres, reflecting sector-specific taxes in the UK (UK Finance and PwC Total Tax Contribution Study for the UK 2018).</li>