Future of Financial Services
Debate between Lord Jopling and Lord Agnew of Oulton(4 years ago)
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Lord Agnew of Oulton (Con)
My Lords, the UKIM Bill is there as a precautionary instrument in the event that we do not achieve a deal at the end of this year, to protect the interests of this country.
Lord Jopling (Con) [V]
My Lords, some years ago, when the European Union was trying to negotiate the TTIP agreement with the United States, one of the United Kingdom’s principal aims was to include financial services in that deal. But when we went to Washington on a Select Committee visit, the United States Treasury was totally—even aggressively—opposed, saying that it was totally unacceptable to include financial services in a trade agreement. Does the Minister agree that there has been no change in the American attitude, and that it will be almost impossible to get a satisfactory and acceptable new trade agreement with the United States in the short term? To suggest that it will be simple and swift is some way from the truth.