Brexit: Financial Services Sector

Debate between Lord Low of Dalston and Baroness Goldie

Tuesday 23rd January 2018 Lords Chamber

[Baroness Goldie]

I respect the noble Baroness and understand that she is a significant contributor to the proceedings of this House, but she is a little harsh in her terminology. There is no question of the Government playing games, and that is recognised in Brussels and by the EU. It is recognised that these are complex, challenging negotiations and that by their very nature a degree of sensitivity surrounds them, and that involves also the need to observe a degree of confidentiality. The financial services industry is aware of the Government’s broad objectives in these negotiations; as I said last week, senior representatives of the industry met with the Prime Minister, the Chancellor and my honourable friend Robin Walker. So there is clarity on the part of the industry as to what the Government wish to try to achieve. When the Government think it appropriate, as my honourable friend Robin Walker said in the other place, we can consider how to set out our position.

[Lord Low of Dalston (CB)]

My Lords, how can we possibly continue to enjoy a position similar to that which we enjoy the moment, as the noble Lord, Lord Lamont, suggested, when we are determined to withdraw from the single market and the customs union?

[Baroness Goldie]

We have made it clear that we are determined to negotiate an ambitious free trade agreement. We want to do everything we can to facilitate access to the markets and to enjoy the arrangements that currently obtain. However, the Government have been clear that we cannot commit to being in the single market or the customs union, because to do so per se is not to leave the EU. On the financial services markets, this has been explored, and it is clear that passporting is not the only way to access EU financial services markets. That is why these negotiations are so critical and why we have to leave the negotiators in peace to get on with their important work.