Brexit: Single Market Debate
Full Debate: Read Full DebateDepartment: Department for Exiting the European Union
Baroness Kramer
Main Page: Baroness Kramer (Liberal Democrat - Life peer)Department Debates - View all Baroness Kramer's debates with the Department for Exiting the European Union
(7 years, 6 months ago)
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Lord Bridges of Headley
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.
Lord Bridges of Headley
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
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
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.