Financial Services Reforms

Debate between Bill Esterson and Andrew Griffith

Tuesday 11th July 2023 Commons Chamber

[Andrew Griffith]

My hon. Friend, who knows so much and speaks so lucidly for Cities of London and Westminster, is absolutely right. These are a bold and ambitious set of reforms. They will not just help communities across the whole of the United Kingdom—I never fail to remind the House that financial services touch almost every constituency—but continue to underwrite the strong and leading position of the City of London, which she so ably represents.

[Bill Esterson (Sefton Central) (Lab)]

It is always fascinating to hear Ministers justifying their failure over the last 13 years. The Minister would do well to recognise that business investment is at a record low in this country. One way to address the record low in business investment is to listen to the professional services sector, which says that a mutual recognition agreement with the EU would increase that performance and contribution. Why have the Government made no progress on that mutual recognition agreement?

[Andrew Griffith]

I am enormously proud of the fact that we have recently reached agreement with all the member nations of the European Union on the memorandum of understanding in respect of financial services. That joins a number of such agreements, all of which have the objective of seeking access to as many of the growing markets in the world as possible for our financial and professional services. Only last week I met my opposite number, the German deputy Finance Minister, and next week I will be meeting the Luxembourg Finance Minister.

Trade Bill (Sixth sitting)

Debate between Bill Esterson and Andrew Griffith

Committee stage & Committee Debate: 6th sitting: House of Commons
Tuesday 23rd June 2020 Public Bill Committees

[Bill Esterson]

I beg to move amendment 12, in clause 2, page 2, line 23, at end insert—

“(4A) Regulations under subsection (1) may make provision for the purpose of implementing an international trade agreement only if the provisions of that international trade agreement do not in any way restrict the ability—

(a) to make public services at a national or local level subject to public monopoly;

(b) to make public services at a national or local level subject to exclusive rights granted to private operators; and

(c) to bring public services at a national or local level back into the public sector for delivery by public sector employees.”

We have significant written evidence to support this amendment—from the TUC, the British Medical Journal and the Trade Justice Movement. It is about ensuring that international trade agreements do not undermine the ability of Governments at national or local level to run services in the public sector or in a public monopoly in the private sector. Importantly, it also has provision for bringing services that have been privatised back into the public sector—as we have just seen with the probation service—when they have failed after a botched privatisation. We have seen the desirability of doing that all too often with outsourcing, as more and more councils seek to bring services back in-house.

However, with negative lists, standstill clauses and ratchet clauses in international trade agreements, it is becoming increasingly difficult for Governments to do these things. Negative lists ensure that only those services that are specified can be considered in the public sector. Standstill clauses mean that services cannot be brought back into the public sector. Ratchet clauses mean that we see increasing privatisation, with no prospect of a reduction. Failure to abide by them enables overseas interests to take legal action against the Government in this country. The proposed provisions need to be included for those reasons; otherwise, we face real problems in our national health service and elsewhere in our public services.

The Conservative party pledged in its manifesto last year that the NHS would be off the table in a trade agreement, but the pledge did not specifically cover any of the aspects that I have just described, including negative listing and standstill and ratchet clauses. There is digital trade as well. I did not deal with digital trade in my earlier remarks, but it is important because it covers areas such as NHS data, including patient data, which is of great concern to many people.

There is an opportunity for Government Members to rectify that omission from their manifesto by voting for our amendment. If they are committed to the NHS and our other public services, they can support the amendment and ensure that the opportunities are available for the public sector to deliver public services in the public interest.

[Andrew Griffith (Arundel and South Downs) (Con)]

Will the hon. Gentleman give way on that point?

[Bill Esterson]

I have finished.

Trade Bill (First sitting)

Debate between Bill Esterson and Andrew Griffith

Tuesday 16th June 2020 Public Bill Committees

[Andrew Griffith]

I have no further questions. However, I think you should be reassured, Mr Freeland, and we wish you all the best with the successful exports of your business going forward.

Roy Freeland: Thank you.

[Bill Esterson]

Q Good morning, Mr Freeland. To follow up what you were saying about the Buy America provisions, rather than our taking a negative approach to procurement in America, would you like to see Buy British or something similar in the UK for SMEs such as yours?

Roy Freeland: I am not convinced, as a supporter of free trade, that a Buy British element is appropriate. All I suggest is that we ensure adequate reciprocity, so that if a country effectively has Buy Local Acts, such as the Buy America provisions, we can respond by saying, “You’ve got that; we’ve got similar provisions.” Indeed, tenders could request confirmation from tenderers that their own country would not prohibit comparable and effective access in reverse. A simple requirement like that is appropriate at this stage, rather than prejudging the whole US FTA.

I should point out that the World Trade Organisation and the EU have noticeably failed to deal with Buy America. Therefore, one needs to look at it in another way.