Ministerial Correction

Thursday 13th February 2020 Ministerial Corrections

Thursday 13 February 2020

Treasury

Thursday 13th February 2020 Ministerial Corrections

EU Single Market Access: Manufacturing and the Economy

The following is an extract from Treasury Questions on 11 February 2020.

[Jonathan Reynolds (Stalybridge and Hyde) (Lab/Co-op)]

Three years ago, at my first shadow Treasury questions from this Dispatch Box, I asked the Government about their plan to continue market access for financial services to EU countries after Brexit. Since that time, the Government’s ambitions have faded from the wide-ranging access-all-areas free trade deal that we were promised, to a basic agreement barely covering goods. The Chancellor has announced this morning that he is asking for enhanced equivalence for financial services, which the EU has already ruled out and which does not even exist in sectors such as insurance. This is our largest export sector, so how is it that we are still waiting for a credible plan after three years?

[Sajid Javid]

The hon. Gentleman needs to get his facts right. The EU has not ruled out equivalence. Indeed, it agreed in the political declaration to work at speed on an equivalence decision by the end of July this year, and that is welcome. We are working very carefully and closely with the EU on having a broad agreement that will mean that our financial services continue to thrive—not only for our benefit, but for its benefit.

[Official Report, 11 February 2020, Vol. 671, c. 690.]

Letter of correction from the Chancellor of the Exchequer, the right hon. Member for Bromsgrove (Sajid Javid):

An error has been identified in my response I gave to the hon. Member for Stalybridge and Hyde (Jonathan Reynolds).

The correct response should have been:

[Sajid Javid]

The hon. Gentleman needs to get his facts right. The EU has not ruled out equivalence. Indeed, it agreed in the political declaration to work at speed on an equivalence decision by the end of June this year, and that is welcome. We are working very carefully and closely with the EU on having a broad agreement that will mean that our financial services continue to thrive—not only for our benefit, but for its benefit.