Oral Answers to Questions

Debate between David Davis and Stephen Hammond

Thursday 27th April 2017 Commons Chamber

[Stephen Hammond (Wimbledon) (Con)]

T1. If he will make a statement on his departmental responsibilities.

[The Secretary of State for Exiting the European Union (Mr David Davis)]

Before I answer, may I start by thanking you, Mr Speaker, for your forbearance in these Question Times, and for everything else you have done for this House in the past several years?

We have a clear plan for Britain, one that fosters a deep and special new partnership with the European Union, and serves the interests of all parts of the United Kingdom. We want that new partnership to be underpinned by a comprehensive free trade agreement that gives UK companies maximum access to European markets, and European companies the same access to UK markets. Membership of the single market involves maintaining all four freedoms, including free movement of people, which is therefore inconsistent with our desire to take back control of our borders. Britain is leaving the European Union, but we are not leaving Europe. It is in both our interests to see the European Union succeed socially, politically and economically. That will be our policy in the coming years.

[Stephen Hammond]

Will my right hon. Friend confirm that as part of that plan the Government are committed to the putting the rights of EU citizens into British law via the great repeal Bill, and that nothing will affect those rights unless it has the consent of this House?

Article 50

Debate between David Davis and Stephen Hammond

Tuesday 24th January 2017 Commons Chamber

[Mr Davis]

I will not reiterate the facts of the Supreme Court judgment on the Northern Irish aspect. The hon. Gentleman can read those much more authoritatively in the judgment. I have said to him before in this House and reiterate to him again that there is more than one guarantee in this matter. The British Government are determined to preserve the peace settlement and all that underpins it; the Irish Government are determined to underpin it; and so is the Commission. I will say something nice about the Commission in this regard. When I spoke to Michel Barnier, my opposite number, he reminded me that he was involved in the original peace process. All the parties to this matter therefore have a vested interest in delivering what the hon. Gentleman wants.

[Stephen Hammond (Wimbledon) (Con)]

You will recall last week, Mr Speaker, my right hon. Friend extolling the fact that he liked to please his boss. He also said earlier what a wonderful speech she made last week. I say to him that he could unify the whole of this side of the House by publishing a White Paper based on that excellent speech. I am sure that that would make him even more popular with our boss.

[Mr Davis]

I thought I was really rather restrained, given that the Prime Minister was sitting here today. I could have been thoroughly oleaginous, but I was not prompted by my right hon. Friend the Member for Broxtowe (Anna Soubry) this time, who gave me the line about Her Majesty.

New Partnership with the EU

Debate between David Davis and Stephen Hammond

Tuesday 17th January 2017 Commons Chamber

[Mr Davis]

The intention is none. To that end, the JMC will be considering a submission from the Government of Wales in—I think—the meeting after next.

[Stephen Hammond (Wimbledon) (Con)]

I believe that the Prime Minister’s plan is a pragmatic one setting out our ambition to continue to attract the best talent, to have access to the single market and to ensure a phased implementation. It certainly recognises the ambitions of the financial services industry. Will my right hon. Friend confirm to the House that he will follow the Prime Minister’s lead, put the needs of the financial services industry at the forefront of his negotiations and secure mutual recognition and equivalence in those negotiations?

[Mr Davis]

Following my earlier oleaginous comments, of course I will follow the Prime Minister’s lead. Yes, financial services are an enormously important industry, supporting—along with all the associated service industries that support it—1.9 million jobs, so we will treat it as incredibly important. It also generates a great deal of revenue for the Treasury, however, so even if I did not pay attention to it, I am sure the Chancellor would.

Oral Answers to Questions

Debate between David Davis and Stephen Hammond

Thursday 20th October 2016 Commons Chamber

[Stephen Hammond (Wimbledon) (Con)]

10. What progress his Department has made in engaging with the financial services sector on the potential effect on its revenues of the UK leaving the EU.

[The Secretary of State for Exiting the European Union (Mr David Davis)]

The Chancellor and I are both determined to ensure we get the best possible deal for our financial services sector—a crucial part of our economy—and not just for the City of London but for the country more widely. Two thirds of financial services jobs are outside the capital, including 150,000 in Scotland. We are determined to ensure that this UK-wide industry continues to thrive. The Chancellor and I have met to discuss this, and, as one would expect, agree that financial services will be of great importance in these negotiations, that we must remain in a position to attract the brightest and the best in the global battle for talent, and that we will seek the best possible terms of trade for our financial services in the European market. We are also working together to maximise opportunities for financial services arising from our exit from the European Union. We have already met representatives of the financial services industry and expect to do so again as we shape our negotiating position.

[Mr Davis]

We are seeking to ensure a smooth and orderly exit from the European Union, and it would not be in the interests of either side—Britain or the European Union—to see disruption. To that end, we are examining all possible options, as one would expect. We are approaching these negotiations in good faith and with good will towards our negotiating partners—we hope the same applies in reverse—focused on the mutual interests of the UK and the EU, including financial stability. I would say that having London as the No. 1 global financial centre sitting at the heart of the global capital markets is not just in the UK’s interest but in the European Union’s interest. I am confident that everyone will see the value of not undermining that.

[Stephen Hammond]

In his answer to my right hon. Friend the Member for Chipping Barnet (Mrs Villiers), the Secretary of State talked about all possible options. Yesterday in the Treasury Committee, I asked the Chancellor whether he accepted the likely need for transitional arrangements. Has my right hon. Friend met regulators to discuss systemic risk, and major financial institutions to discuss loss of business, if those transitional arrangements are not put in place?

[Mr Davis]

The Chancellor’s response was much the same as mine will be. Yes, we have been talking to the European institutions, in particular, about this matter, and they take the same view as we do.