Brexit: Financial Assistance for Businesses

Lord Davies of Oldham Excerpts

Wednesday 26th February 2020 Lords Chamber

[Lord Agnew of Oulton]

My Lords, the negotiation is a dynamic process; we are at the beginning of what will be a very fractious negotiation over the next nine months. I tell those noble Lords with a gentle stomach that what we are seeing today are the opening remarks of the EU: it is going to get a lot hotter over the next nine months, and we will know more clearly probably by the middle of December.

[Lord Davies of Oldham]

My Lords, I welcome the Minister to his new responsibilities. I remind him that government Finance Ministers do not last much more than a year in the role, so he will not have to put up with too much. I want to make it quite clear that he is reflecting uncertainty and doubt, because that can only be the position that we are all in prior to the negotiations. He must know that the negotiations might even fail to such an extent that no deal at all is struck. Are the Government not in fact just putting hope over practicality when it comes to these issues? Have government answers with regard to Northern Ireland not been quite inadequate on every occasion?

[Lord Agnew of Oulton]

I thank the noble Lord for his kind and warm words but pessimistic outlook for my tenure in this post; I now have a challenge to be standing here in 13 months’ time. We are in a negotiation. I cannot speak for what will or will not happen over the next few months. We have given certainty to businesses. We have said that we will be trading with the rest of the world in the same way as with the EU from 1 January next year. The level of tariffs and frictionality will be revealed over the course of the negotiations.