Oral Answers to Questions

Debate between Stephen Hammond and Steve Barclay

Thursday 5th September 2019 Commons Chamber

[The Secretary of State for Exiting the European Union (Stephen Barclay)]

The Government are committed to leaving the European Union on 31 October, whatever the circumstances. We would prefer to leave with a deal, but to achieve that the EU must be willing to reopen the previous withdrawal agreement.

[Stephen Hammond]

I thank my right hon. Friend for that answer. I believe the best way to avoid no deal is to secure a deal. He will know that I voted three times for the withdrawal agreement, and I will support this Government as they seek to secure a deal. Given that the comments reported overnight from Monsieur Barnier appear to be in conflict with the aspirations of our Prime Minister, will the Secretary of State say when the Prime Minister intends to deliver his proposals for the revised deal, so that that deal can be secured before 31 October?

[Stephen Barclay]

I pay tribute to my hon. Friend. Despite some misgivings and the way that he campaigned during the referendum, he has consistently voted for a deal, and he was consistently willing to compromise where many others were not. On the substance of the talks, the Prime Minister’s Europe adviser was in Brussels yesterday, and the Prime Minister is due to meet the Taoiseach on Monday. I am in regular contact with my counterparts, and I have visited a number of capitals in recent weeks. A significant amount of work has gone on, but we will not fall into the trap that befell the previous Government, where the Commission has an absolutist, all-weather, all-insurance position and then asks for deals on the basis of creative flexibility, and against that test then dismiss it as magical thinking. We need to have detailed discussions, but they must be done in the right way, which is what we are doing.

--- Later in debate ---

[Stephen Barclay]

I think the Chair of the Select Committee would concede that, of the holders of my role—I know there has been more than one—I have probably been the most frequent in appearing before his Committee and others. Actually, that is not the case when compared with my right hon. Friend the Member for Haltemprice and Howden (Mr Davis), but it is when compared with my right hon. Friend the Member for Esher and Walton (Dominic Raab), who is now Foreign Secretary.

On the substance of the question, there has been a huge amount of work. My right hon. Friend the Member for Ludlow (Mr Dunne) asked about the different working groups, for example, and I chair the technical working group. The Parliamentary Under-Secretary of State for Exiting the European Union chairs the business group, and he was in Northern Ireland with that group over the summer.

Again, it goes to the question asked by my right hon. Friend the Member for Ludlow. Work has been going on throughout the summer on alternative arrangements, but if it is simply published against an all-weather, all-insurance test, it will be dismissed, as it was under the last Government, as magical thinking. That is what the last Government experienced. We need to get into the detail, and that work is going on, but it needs to be discussed in the appropriate way.

[Stephen Hammond (Wimbledon) (Ind)]

T5. Will my right hon. Friend confirm whether, since 25 July, the Department has had any discussions with the financial sector about the implications of any revised policy, which would be a policy of regulatory divergence?

[Stephen Barclay]

My hon. Friend raises a specific issue and, as a former Economic Secretary to the Treasury, I know the markets take a keen interest in such discussions. If I may, I will ask the Chancellor or the Economic Secretary to come back to him on this specific issue.

Oral Answers to Questions

Debate between Stephen Hammond and Steve Barclay

Tuesday 18th July 2017 Commons Chamber

[Stephen Hammond (Wimbledon) (Con)]

T10. Last night, I met a major financial institution. Does my hon. Friend agree that for London to retain its place as the leading financial centre we need a regulatory regime based on mutual recognition and an early-agreed transitional phase to provide certainty?

[Stephen Barclay]

My hon. Friend rightly champions that key sector which provides £71 billion of tax to fund public services. It is in the interests of the UK and the EU to avoid fragmentation because that will increase costs, and the Prime Minister has made it clear that we are ambitious, in terms of the trade deal that we reach with the EU, to come to an arrangement that delivers regulatory equivalence.