Brexit: Financial Settlement

Lord Spicer Excerpts

Thursday 12th October 2017 Lords Chamber

Asked by

[Lord Spicer]

To ask Her Majesty’s Government when they expect to report to Parliament on their negotiations on reaching a financial settlement with the European Union in the Brexit talks.

[The Minister of State, Department for Exiting the European Union (Baroness Anelay of St Johns) (Con)]

My Lords, the Prime Minister provided an update to the House of Commons on Monday following the September negotiations. This covered finances and was repeated in this House. The question of the EU budget can be resolved only as part of the settlement of all the issues that we are working through. We are approaching discussions constructively and are confident we can achieve an outcome in the interests of both sides.

[Lord Spicer (Con)]

I take the point, but when does my noble friend expect the valuation of EU assets to be completed? Is it not the case that if proper account is taken of the assets, we could even end up with the EU paying us, rather than the other way round? You first heard the idea here.

[Baroness Anelay of St Johns]

What a very interesting idea my noble friend puts forward—I hope the EU Commission is listening very carefully. However, he makes the serious point. When we issued the Statement back in July, we made it clear that we will honour our obligations, both legal and moral, to the European Union but also that that is reciprocal. There are obligations from the EU to us, including the valuation of assets. It is a technical matter and part of the discussions. I urge the Commission to get on with the work of carrying out that valuation and considering a fair apportionment of the amount.