A New Partnership with the EU

Baroness Young of Old Scone Excerpts

Tuesday 17th January 2017 Lords Chamber

[Lord Bridges of Headley]

The noble Baroness makes a valid point; we have had good discussions about this issue and I thank her for that. I understand the needs of some parts of the sector and the fiduciary duty that certain businesses will be under to make contingency plans. I can only hope that they will look at the remarks made today and see that while we are coming out of the single market, we are intent on negotiating as free and as frictionless access to the markets as possible. Once again, I repeat my earlier remarks: we are obviously starting from a unique position here, in that we are not just equivalent to EU law but absolutely identical to it. This puts us in a good position.

The second point is that, as the Governor of the Bank of England made clear yesterday, once again it would be to our mutual benefit—that is, our benefit and Europe’s benefit—to ensure that we avoid a cliff-edge. It was interesting to see that the German Finance Minister said today, “London as a financial centre will play an important role for Europe, even after Brexit”. I hope that those in Europe and in our financial institutions will be looking at these remarks and planning with due respect for what is happening and mindful of the fact that we are looking for this free and frictionless approach.

[Baroness Young of Old Scone (Lab)]

Is the Minister aware that the Secretary of State for the Environment, Food and Rural Affairs has already indicated that between 25% and 30% of current EU environment regulation, which we currently adhere to and which is vital for the future of British business, will not be capable of being brought over in the grand repeal Bill because it will be inoperable in its current form? This legislation and these standards will have to be reset for the benefit of British business and the environment by a process of secondary legislation. Will the Minister tell us how we are going to cope with that and how we can reassure British businesses that they are not going to be left without clarity about the important environmental standards that are vital for their businesses?

[Lord Bridges of Headley]

I thank the noble Baroness for that question. It is absolutely right. Since 23 June we have been looking at the entire statute book for cases exactly like the one that she has highlighted. I am very grateful to all the civil servants who have been undertaking this enormous task. I am not going to go into great detail today about how that process will work, but we are looking at how both Houses will be able to cope with the task ahead to ensure that we deliver on the aim of delivering as much certainty as possible while at the same time ensuring that such secondary legislation gets the scrutiny and debate it deserves.