European Union (Future Relationship) Bill

Baroness Falkner of Margravine Excerpts

3rd reading & 2nd reading & Committee negatived & 2nd reading (Hansard) & 2nd reading (Hansard): House of Lords & 3rd reading (Hansard) & 3rd reading (Hansard): House of Lords & Committee negatived (Hansard) & Committee negatived (Hansard): House of Lords
Wednesday 30th December 2020 Lords Chamber

[Baroness Falkner of Margravine (CB)]

My Lords, I, too, felt an enormous sense of relief on Christmas Eve when this agreement came through, delivered, as it was, four and a half years after this country decided its interests were better understood in Burnley and Bournemouth than Brussels. But I, too, share a sense of regret, being married to a German who was forced to become a Brexit Brit. His experience of nationality here was very different to mine some 40 years ago, when I became a British citizen. Mine was exuberant, enthusiastic, optimistic; his was merely to protect his rights. But for me, this deal will do. Importantly, it leaves us on good terms with our neighbours and allows us to build on those terms as we go forward towards a better future.

The noble Lord, Lord Newby, asked what this Bill will do to unite the country. I have thought of that quite frequently. The House will know of my movement from the Liberal Democrat Benches to the Cross Benches on the case of democratic accountability. I would ask him the question, in light of his contortions of the last five years, of why the Liberal Democrats believe that they can help unite the country by disagreeing with this agreement. To vote against this agreement is effectively to say that no deal is better. That may not be what they want to do, but it is fortunate for us that this is just a gesture. That is what it is—a gesture that will have no consequence for the passage of this Bill today.

Let me turn to the most significant missing element of the Bill, which is the lack of a comprehensive agreement on financial services. I had the privilege of chairing the EU Financial Affairs Sub-Committee from 2015 to 2019. Five reports on Brexit and financial services later, it cannot be said that the costs of losing passporting were not calculated. But the fact is the sector had to take decisions on regulating approval in good time, and most firms made the necessary moves to onshore in the EU before the current deal even started to be negotiated. Our financial services sector will do fine. It is well regulated and well regarded. It is known for its high professional standards and will continue to thrive, most importantly in the greatest growth area—east and south-east Asia and other emerging markets.

I follow the noble Lord, Lord Butler, in my sense of optimism—that, as we go forward in a different trajectory, we will do more than survive and we will have new opportunities and horizons. We must prepare with optimism for the new challenges. For the next generation, we must strive to demonstrate that we can be a force for good in a global world.