EU: Future Relationship White Paper

Angela Eagle Excerpts

Thursday 12th July 2018 Commons Chamber

[Dominic Raab]

It is certainly the case, in my view and the Government’s view, that no deal would be better than a bad deal, but what we are aiming for is the very best deal.

My hon. Friend asked about the money. I took some time to set out in my response that we have made clear the need for a link between the obligations that we undertake in the withdrawal agreement and what we then expect in relation to the future partnership deal on trade, security and other areas in which there is co-operation. That needs to be looked at as a whole. If one side, whichever it may be, does not fulfil its side of the bargain, there will be consequences for the whole deal—and yes, that would include the money.

[Ms Angela Eagle (Wallasey) (Lab)]

The White Paper says very little about the service industry, particularly financial services, except that we want to retain our access to integrated markets while not really sticking to the rules. Is that not more like having your cake and eating it, and is it not highly unlikely that the EU will ever agree to such an approach?

[Dominic Raab]

It is clear that the UK cannot remain under the EU passporting regime, which is intrinsic to membership of the EU. Our objective, based on that, is to agree a new economic and regulatory partnership in financial services. The new partnership will set some binding bilateral commitments to give firms certainty and stability in respect of access to each other’s markets, while allowing the UK and the EU to maintain and exercise autonomy when it comes to regulatory decisions and rule-making.