The Chancellor of the Exchequer, Rishi Sunak, has issued a written statement with an update on the future of the UK financial services industry.
The statement set out the UK Government's intention to deliver on its commitment to ensure that the UK maintains its world-leading regulatory standards and remains open for business. Importantly, the Chancellor also reaffirmed the UK's commitment to ensure that Gibraltar based financial services firms would have access to the UK markets.
Access to the UK markets is vital for Gibraltar based financial services firms post-Brexit and today's ministerial statement provides comfort that the UK Government will deliver on this commitment.
Also, for EU firms passporting their services into the UK that want to continue servicing their customers post-Brexit, todays statement reaffirms that Gibraltar should be considered a viable option as a gateway to the UK market.
The Financial Services Bill will deliver our commitments to: long-term market access between the UK and Gibraltar for financial services firms based on shared, high standards; and simplified process which allows overseas investment funds to be sold in the UK.