Stock Markets

Debate between Lord Stoneham of Droxford and Baroness Penn

Thursday 17th November 2022 Lords Chamber

[Baroness Penn (Con)]

Our biggest economic challenge right now is the high levels of inflation that we are facing as a country, and the biggest driver of that inflation is heightened energy prices caused by the war in Ukraine. Yes, there are other factors at play, but I think those two things are undisputed.

[Lord Stoneham of Droxford (LD)]

The fact of the matter is that the Government have weakened the City by their policies towards the single market and Europe. I wonder what the Government are doing about the fact that people who work in the City selling financial services—I declare my interest, as a member of my family works in the City—cannot sell or are restricted in selling in Europe unless they are accompanied by somebody from the country in Europe where they are trying to sell, because of the deal we have with Europe. This is weakening the City.

[Baroness Penn (Con)]

I disagree with the noble Lord. I think that our leaving the EU presents opportunities for the City, which is exactly what the Government plan to capitalise on through the Financial Services and Markets Bill and other things that I have already mentioned. We do not just trade with Europe, and we continue to be one of the pre-eminent global financial centres in the world.