European Union Committee
Beyond Brexit: trade in services

23rd Report of Session 2019-21 - published 24 March 2021 - HL Paper 248



Chapter 1: UK-EU trade in services

Our inquiry

UK-EU trade in services

Figure 1: UK top five global goods and services exports

Chapter 2: Financial services

The TCA and the end of the transition period

Loss of passporting rights

Business preparedness

Relocation of financial services activity

Framework for cooperation


Equivalence for UK central counterparties

EU reluctance to grant equivalence

Limitations of equivalence

Future divergence

Reforming the equivalence framework

Divergence, competitiveness and standards

The future regulatory landscape and parliamentary oversight

UK influence in setting standards

Chapter 3: Professional and business services

Professional and business services in the UK

Box 1: Services trade and the World Trade Organization (WTO)

Professional and business services in the TCA

Market access and national reservations

Impact of national reservations on different sectors

Case study: legal services


Provisions in the TCA

Box 2: Types of business visitor

Business mobility and COVID-19

Local presence and cross-border supply

Provisions in the TCA

Mutual recognition of professional qualifications

Provisions in the TCA

Framework for future recognition of qualifications in the TCA

Government support

Equivalence decisions

Divergence and opportunities

Governance and engagement

Chapter 4: Data and digital trade

Data adequacy

Importance of data adequacy

Long-term picture

Digital Trade

Digital trade chapter of the TCA

Looking forward

Chapter 5: Creative industries

Creative industries in the UK

Mobility for creative professionals

Importance of mobility

Movement of professionals

Movement of goods

Potential mitigations

Creative Europe

Intellectual property


Audio-visual sector

Managing regulatory divergence

Chapter 6: Research and education

The UK’s research and education sector

Research funding

Horizon Europe

Domestic research funding



Turing scheme

Other mobility

Summary of conclusions and recommendations

Appendix 1: List of Members and declarations of interest

Appendix 2: List of witnesses

Appendix 3: Call for evidence

Evidence is published online at and available for inspection at the Parliamentary Archives (020 7219 3074).

Q in footnotes refers to a question in oral evidence.

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