Brexit: New Partnership

Debate between Lord Bridges of Headley and Lord Blencathra

Thursday 2nd February 2017 Lords Chamber

[Lord Bridges of Headley]

The noble Viscount makes an extremely good point. Indeed there are a number of organisations like Mercosur and certainly the GCC which my noble friend Lord Price has I am sure been in contact with. We will continue to have conversations with those groups as well as individual member states. I would be happy to discuss that point with him in more detail.

[Lord Blencathra (Con)]

My Lords, has my noble friend seen the latest report from TheCityUK stating that the EU has been a straitjacket on the City of London, which will have a once-in-a-lifetime opportunity to now do business with the whole world? The EU’s own leaked report from the monetary affairs committee says that the EU has to do a workable deal with the UK, because it is absolutely vital for all Governments in the EU to get access to the City of London. In these circumstances, will my noble friend tell the remaining remoaners to start having faith that this is a great country, and we can be an even better country once we are outside the straitjacket of the dying and declining EU?

[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.