Date/Time
Date(s) - 13/05/2021
10:30 am - 12:00 pm
About
Third session of the commission.
This session will consider the short and long-term impact of the Trade and Cooperation Agreement on the UK’s financial services sector. Witnesses will be 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 may be referenced it will not be the main focus of this session. The intention is 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.
The Commission brings together eleven MPs from nine different parties and all four nations of the UK, along with business leaders and expert economists. It is co-convened by Hilary Benn MP and the Chairman of Virgin Group Peter Norris and the secretariat is provided by the cross party, pro-internationalist group Best for Britain.
The government has yet to publish its own economic impact assessment on the UK having left the transition period. The Commission will initially assess the economic impact of the EU-UK Trade and Cooperation Agreement and other UK trade deals, and then delve into sectoral and geographical themes. It will take written and oral evidence from expert witnesses, businesses and the public, to hear from a broad range of voices representing the different sectors of the UK economy, from financial services to manufacturing, and from across the political spectrum.
This evidence will be used to make regular recommendations to the government outlining potential improvements to its trade deals, that will give British business and industry the best opportunities to bounce back from the double whammy of Covid and Brexit. The Commission will also be able to suggest lessons that need to be learned for future negotiations.
The new body will also engage with businesses and consumers, including through the use of polls and focus groups, to better understand the impacts of trade agreements and to educate the public on them.