Brexit: Single Market

Baroness Kramer Excerpts
Monday 24th October 2016

(8 years, 2 months ago)

Lords Chamber
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Lord Bridges of Headley Portrait Lord Bridges of Headley
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The noble Lord comes to this with a certain track record and position. I will not comment in detail on what he said. I have read the Civitas paper by Mr Justin Potts. I cite from the document for noble Lords who have not read it. It says that the findings of its analysis,

“highlight the importance of a trade deal for both the UK and for EU countries”.

In other words, a trade deal, not falling back on WTO rules, which I think may be where the noble Lord is coming from.

Baroness Kramer Portrait Baroness Kramer
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My Lords—

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Lord Bridges of Headley Portrait Lord Bridges of Headley
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I think the noble Lord is accusing me of being Humpty Dumpty and saying that the word,

“means just what I choose it to mean—neither more nor less”.

However, I will not add further to what I said or breach the Prime Minister’s commandment and start issuing running commentaries.

Baroness Kramer Portrait Baroness Kramer
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My Lords, the Minister will be aware that the financial services industry contributes in excess of £66 billion a year to the Treasury. If the British Bankers’ Association is correct in its recent predictions of departures and transfers out of the UK thanks to the Government’s Brexit attitude, what cuts are expected in public spending on the NHS, schools and infrastructure?

Lord Bridges of Headley Portrait Lord Bridges of Headley
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I am sorry but I disagree somewhat with the assumption behind the noble Baroness’s point. I have met many financial service companies the length and breadth of the country, and it is clear that like many parts of the UK economy they are looking at Brexit and what it means for them. The noble Baroness takes a somewhat pessimistic view of things as they stand. We are talking to the financial sector as we are talking to all sectors, to ensure, as I have said before, that the outcome to the negotiations leads to a smooth and orderly exit from the EU.