EU-UK Trade and Cooperation Agreement

Baroness Finn Excerpts

Friday 8th January 2021 Lords Chamber

[Baroness Finn (Con) [V]]

My Lords, I refer to my interest as a board member of the Cabinet Office, and I warmly congratulate my noble friend Lord Wharton of Yarm on an excellent and apposite maiden speech. This trade deal is surely a case of beating expectations, and enormous credit goes to my right honourable friend the Prime Minister and his negotiating team. A hugely significant breakthrough agreement over Northern Ireland paved the way for a trade deal that allows the UK to set our own laws and regulations, while delivering ongoing co-operation in key areas, such as health and security.

In fact, there is very little to object to in the trade deal. Of course, it is more what is not in it that is worthy of debate. A deal that does not go as far as some had hoped on services is necessarily limited, but this need not be limiting: opportunity lies where we can break new ground. Take financial services, for example: it is true that the EU has not yet granted the UK equivalence, which would ease market access—but, equally, this provides an opportunity to set our own rules, such as allowing pension funds to invest in infrastructure, an area where there has been chronic underinvestment.

To successfully go it alone, we will need to usher in a new era of leadership and accountability. This era demands a change in approach, across both Whitehall and Parliament. We can no longer blame the EU for having to implement unpalatable policies, or blame its bureaucracy when things do not go according to plan. Supporting business, rolling out the vaccine and setting our own immigration policy are now entirely in the hands of UK lawmakers, and, for all of them, we will be accountable to the British people.

However, to succeed, we need reform—to change our approach to the way we handle major strategic projects, the way we partner with business and the way we train and enable our domestic skills base. In our end is the beginning of a new relationship with Europe and a responsibility on us to make the most of our many opportunities.