Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Stephen Timms

Tuesday 17th January 2017 Commons Chamber

[Mr Hammond]

For six months, we have kept open as many options as possible while we review the way forward in this negotiation with the European Union. We have heard very clearly the views and the political red lines expressed by other European leaders. We want to work with those leaders and to recognise and respect their political red lines. That is why the Prime Minister is setting out right now a position on which we will go forward, understanding that we cannot be members of the single market because of the political red lines around the four freedoms that other European leaders have set. She is expressing an ambitious agenda for a comprehensive free trade arrangement with the European Union that will allow our companies to trade in Europe, and European companies to trade in Britain, while minimising disruption to business patterns and to pan-European supply chains.

[Stephen Timms (East Ham) (Lab)]

EU banks use passport arrangements to operate in the UK, and so provide us with jobs and the Exchequer with revenue. Given what the Prime Minister is saying at this moment, those arrangements are clearly at risk. How hopeful is the Chancellor that passporting will survive the exit from the European Union?

[Mr Hammond]

As the right hon. Gentleman says, EU banks use passporting to operate in the UK, and of course, vice versa: UK banks use passporting to operate in the European Union. It is important that EU banks are able to continue operating in the UK, and that UK banks are able to continue operating in the EU. He will know that City UK, the lead City pressure group on this issue, took the strategic decision last week to stop pushing for passporting rights and to focus instead on what I would describe as an enhanced equivalence regime. The important thing is not the mechanism, but the end result, and that is what the Prime Minister will set out today.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Stephen Timms

Tuesday 25th October 2016 Commons Chamber

[Mr Hammond]

As my hon. Friend and the House will know, an announcement has been made that the airports committee this morning decided to move ahead with the north-west runway at Heathrow, and my right hon. Friend the Transport Secretary will be making a statement to the House very shortly. My hon. Friend is absolutely right to say that regional connectivity is vital. Regional slots at Heathrow have been squeezed out by the pressure on the runways there, and we will ensure, as a part of this package, that regional slots are protected in the future.

[Stephen Timms (East Ham) (Lab)]

Tens of thousands of UK jobs depend on euro-denominated clearing in the UK. Will the Chancellor tell us how important he regards its still being permissible in the UK after we leave the European Union?

European Union Referendum Bill

Debate between Lord Hammond of Runnymede and Stephen Timms

Tuesday 9th June 2015 Commons Chamber

[Mr Hammond]

I agree with my right hon. and learned Friend’s sentiments. I hope that he recognises that I have sought to reassure colleagues who have such concerns, and that the Government will continue to seek to reassure colleagues.

[Stephen Timms (East Ham) (Lab)]

I want to ask the Foreign Secretary a particular question about the renegotiation. I think that there is virtually unanimous agreement in the House that the import duties currently imposed on cane sugar coming into Europe are unfair. Will he confirm that that item is on the list for the renegotiation that he has been telling us about?

[Mr Hammond]

I am delighted to see that the right hon. Gentleman is robust in his defence of the interests of Tate and Lyle—his constituents—and I will take that representation and put it with the many others from both sides of the House about particular areas that we need to raise in the course of the discussion.