Brexit: Positions on the Pound

Debate between Baroness Falkner of Margravine and Lord Callanan

Monday 30th September 2019 Lords Chamber

[Lord Callanan]

No and yes.

[Baroness Falkner of Margravine (Non-Afl)]

Does the noble Lord agree that the logic of these allegations that if people have any evidence, we are a well and highly regulated country in our financial markets, and they should report that evidence to the existing regulators? In saying that, I need to declare that I am a member of the Bank of England’s enforcement decision-making committee.

[Lord Callanan]

The noble Baroness speaks with great authority on this subject. Of course, there is no evidence for anybody to report, but if they have evidence, there is regulation on short selling, which is enforced. But I am not aware of anyone providing any evidence beyond scurrilous rumours.

European Union (Withdrawal) Bill

Debate between Baroness Falkner of Margravine and Lord Callanan

Committee: 6th sitting (Hansard - continued): House of Lords
Monday 12th March 2018 Lords Chamber

[Baroness Falkner of Margravine]

Before we dispense with the amendment I have a brief question for the Minister. If I have understood him correctly, he has just said that when the negotiations are complete, the Government would set out and clarify their position. Can he tell me what he means by “when the negotiations are complete”? Is he talking about the negotiations on the withdrawal agreement—in other words, by the end of this year—or the agreement on the FTA, in which case we will not know the parameters of the Government’s thinking until very much later when we are into the transition agreement itself? There I would have to agree with my noble friend Lady Kramer that essentially, businesses will have made up their mind and taken the necessary actions, not least because the regulators require them to carry out their contingency planning.

[Lord Callanan]

I think I mean both. We will update the House on the position at the end of the negotiations on the withdrawal agreement, on the agreement on the future FTA, and if I can add a third criterion to that, of course on the negotiations for the implementation period, for which we hope to be able to provide an update in the very near future. All those factors are important in the provision of financial services. If we get the implementation period agreed in the near future, which we hope and expect, that will provide a slightly longer period for businesses to establish the appropriate stability, but it is hoped that as we get to the end of the year we will have the withdrawal agreement. We expect that to provide the details of the framework for future co-operation. I will be very happy to update noble Lords at all of these stages.