Brexit: Negotiations

Debate between Baroness Liddell of Coatdyke and Baroness Evans of Bowes Park

Thursday 22nd November 2018 Lords Chamber

[Baroness Evans of Bowes Park]

I am not sure whether my noble friend was watching the television at the weekend, but the Prime Minister was on television quite a lot. She will most certainly be continuing to sell this deal, as indeed will all members of the Government. I am sure she will be interested in his views on how she can best do this.

[Baroness Liddell of Coatdyke (Lab)]

My Lords, in paragraph 38 there is a reference to the financial services sector, going back to the issue of equivalence which is mentioned in the withdrawal agreement. Since the referendum, the financial services sector has said again and again that equivalence is not good enough to maintain an industry with the international reputation that we have here in Britain. At the very least, the Governor of the Bank of England has said that enhanced equivalence is needed. Tens of thousands of jobs rest on this, not just in the City but in Edinburgh, Glasgow, Leeds, Bristol and throughout the United Kingdom. Will the Minister please go behind some of the waffle that is in this to give reassurance? Businesses not four miles away from here are making plans to relocate. That has to be stopped.

[Baroness Evans of Bowes Park]

I hope I can reassure the noble Baroness when I say that we have agreed to negotiate new arrangements on financial services that provide greater co-operation and consultation than is possible under existing third-country frameworks. For existing regimes, the EU and UK have agreed to move quickly to progress equivalent assessments during the implementation period and, crucially, both sides will endeavour to conclude decisions on granting equivalence by the end of June 2020—which is a major step forward in providing clarity for the industry about a smooth transition to our new relationship.