Brexit: New Partnership

Debate between Lord Bridges of Headley and Baroness Symons of Vernham Dean

Thursday 2nd February 2017 Lords Chamber

[Lord Bridges of Headley]

My noble friend makes a good point. There is a growing realisation across many financial services, both in the City and elsewhere, about the means by which we can come to some workable arrangement that I hope is to our mutual benefits. I remind your Lordships of what the Governor of the Bank of England said a couple of weeks ago about the risks that Brexit poses:

“there are greater financial stability risks on the continent in the short term, for the transition, than there are for the UK”.

As my noble friend says, there is a growing realisation on these points and of how we might come to some workable solution in the future.

[Baroness Symons of Vernham Dean (Lab)]

My Lords—

--- Later in debate ---

[Lord Bridges of Headley]

Well, it is just a simple recognition that when we bring the EU acquis into UK law, we will therefore have exactly the same systems on both sides of the Channel. Then this House and the other place can in the weeks and years ahead decide how best to proceed.

[Baroness Symons of Vernham Dean]

My Lords, on page 63 of this White Paper, the Government say that they,

“remain committed to European security”,

and wish still to,

“add value to EU foreign policy and security policy”.

It goes on, of course, to talk about the civilian missions in Kosovo, Georgia and Ukraine, and says that those missions increased European stability. Is it the Government’s intention that, after leaving the European Union, we will continue to participate in common security and defence policy—not just good will but operations which the White Paper itself acknowledges have been so important?

[Lord Bridges of Headley]

The noble Baroness, again, makes a very good point. It is clear that a number of the operations under way confront significant challenges that are likely to continue way into the future. I am not getting into detail about how we can best continue those levels of co-operation but, as I have said before at this Dispatch Box, doing so will clearly in very many cases be in our national interest, as it will be in Europe’s interest.